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FEDERAL RESERVE BANK OF NEW YORK Fiscal A gent o f the United States Circular No. 10368 August 10, 1990 [ BLOCKING OF IRAQI AND KUWAITI GOVERNMENT PROPERTY AND PROHIBITING TRANSACTIONS WITH IRAQ AND KUWAIT To All Banks, and Other Concerned, in the Second Federal Reserve District: Yesterday, the President issued Executive O rder No. 12274 blocking all prop erty and interests in property of the Governm ent of Iraq in the United States, and prohibiting transactions with the Governm ent of Iraq. In addition, the President also issued Executive O rder No. 12275 blocking all property and interests in prop erty of the Governm ent of Kuwait in the United States, and prohibiting transactions with the Governm ent of Kuwait. Printed on the following pages is the text of the Executive Orders. Questions regarding this m atter should be directed to Bradley K. Sabel, Coun sel (Tel. No. 212-720-5041). E. G erald C o r r ig a n , P resid en t. ”1 EXECUTIVE ORDER 12274 BLOCKING IRAQI GOVERNMENT PROPERTY AND PROHIBITING TRANSACTIONS WITH IRAQ By the authority vested in me as President by the Constitution and laws of the United States of A m erica, including the International Em ergency Economic Powers Act (50 U.S.C. 1701 etseq.), the National Em ergencies Act (50 U.S.C. 1601 et seq.), section 301 of title 3 of the United States Code, and the United Nations Participation Act (22 U.S.C. 287C), in view of United Nations Security Council Resolution No. 661 of August 6, 1990, and in order to take additional steps with respect to Iraq’s invasion of Kuwait and the national em ergency declared in Executive O rder No. 12722, I, GEORGE BUSH, President of the United States of A m erica, hereby order: Section 1 . Except to the extent provided in regulations that may hereafter be issued pursuant to this order, all property and interests in property of the Governm ent of Iraq that are in the United States, that hereafter come within the United States, or that are or hereafter come within the pos session or control o f United States persons, including their overseas branches, are hereby blocked. Section 2. The following are prohibited, except to the extent provided in regulations that may hereafter be issued pursuant to this order: (a) The im portation into the United States of any goods or services of Iraqi origin, or any activity that prom otes or is intended to prom ote such importation; (b) The exportation to Iraq, or to any entity operated from Iraq, or owned or controlled by the Governm ent of Iraq, directly or indirectly, of any goods, technology (including technical data or other information), or services either (i) from the United States, or (ii) requiring the issuance of a license by a Federal agency, or any activity that prom otes or is intended to prom ote such ex portation, except donations of articles intended to relieve hum an suffering, such as food and supplies intended strictly for medical purposes; (c) Any dealing by a United States person related to property of Iraqi origin exported from Iraq after A ugust 6, 1990, or property intended for exportation from Iraq to any country, or expor tation to Iraq from any country, or any activity of any kind that prom otes or is intended to prom ote such dealing; (d) Any transaction by a United States person relating to travel by any United States citizen or perm anent resident alien to Iraq, or to activities by any such person within Iraq, after the date of this order, other than transactions necessary to effect (i) such person’s departure from Iraq, (ii) travel and activities for the conduct of the official business of the Federal G overnm ent or the United Nations, or (iii) travel for journalistic activity by persons regularly employed in such capacity by a new s-gathering organization; (e) Any transaction by a United States person relating to transportation to or from Iraq; the provision of transportation to or from the United States by any Iraqi person or any vessel or aircraft 1 of Iraqi registration; or the sale in the United States by any person holding authority under the Federal Aviation Act of 1958, as amended (49 U.S.C. 1301 etseq .), of any transportation by air that includes any stop in Iraq; (f) The perform ance by any United States person of any contract, including a financing con tract, in support of an industrial, com m ercial, public utility, or governmental project in Iraq; (g) Except as otherw ise authorized herein, any com m itm ent or transfer, direct or indirect, of funds, or other financial or economic resources by any United States person to the G overnm ent of Iraq or any other person in Iraq; (h) Any transaction by any United States person that evades or avoids, or has the purpose of evading or avoiding, any of the prohibitions set forth in this order. Section 3. For purposes of this order: (a) the term “United States person” means any United States citizen, perm anent resident al ien, juridical person organized under the laws of the United States (including foreign branches), or any person in the United States, and vessels of U.S. registration. (b) the term “Governm ent of Iraq” includes the Governm ent of Iraq, its agencies, instrum en talities and controlled entities, and the Central Bank of Iraq. Section 4. This order is effective immediately. Section 5. The Secretary of the Treasury, in consultation with the Secretary of State, is hereby authorized to take such actions, including the prom ulgation of rules and regulations, as may be nec essary to carry out the purposes of this order. Such actions may include prohibiting or regulating payments or transfers of any property or any transactions involving the transfer of anything of ec onomic value by any United States person to the Governm ent of Iraq, or to any Iraqi national or entity owned or controlled, directly or indirectly, by the Governm ent of Iraq or Iraqi nationals. The Secretary of the Treasury may redelegate any of these functions to other officers and agencies of the Federal Governm ent. All agencies of the Federal Governm ent are directed to take all appropriate m easures within their authority to carry out the provisions of this order, including the suspension or term ination of licenses or other authorizations in effect as of the date of this order. Section 6. Executive Order No. 12722 of August 2, 1990, is hereby revoked to the extent inconsistent with this order. All delegations, rules, regulations, orders, licenses, and other forms of adm inistrative action made, issued, or otherw ise taken under Executive O rder No. 12722 and not revoked adm inistratively shall remain in full force and effect under this order until am ended, m odified, or term inated by proper authority. The revocation of any provision of Executive O rder No. 12722 pursuant to this section shall not affect any violation of any rules, regulations, orders, licenses, or other form s of adm inistrative action under that order during the period that such pro vision of that order was in effect. This order shall be transm itted to the Congress and published in the Federal Register. GEORGE BUSH TH E W H IT E HOUSE A ugust 9, 1990. 2 EXECUTIVE ORDER 12275 BLOCKING KUWAITI GOVERNMENT PROPERTY AND PROHIBITING TRANSACTIONS WITH KUWAIT By the authority vested in me as President by the Constitution and laws of the United States of A m erica, including the International Em ergency Economic Powers Act (50 U.S.C. 1701 etseq.), the National Em ergencies Act (50 U.S.C. 1601 et seq.), section 301 of title 3 of the United States Code, and the United Nations Participation Act (22 U.S.C. 287C), in view o f United Nations Security Council Resolution No. 661 of August 6, 1990, and in order to take additional steps with respect to Iraq’s invasion of Kuwait and the national em ergency declared in Executive O rder No. 12722, I, GEORGE BUSH, President of the United States of A m erica, hereby order: Section 1 . Except to the extent provided in regulations that may hereafter be issued pursuant to this order, all property and interests in property of the Governm ent o f Kuwait that are in the United States, that hereafter come within the United States, or that are or hereafter come within the pos session or control of United States persons, including their overseas branches, are blocked. Section 2. The following are prohibited, except to the extent provided in regulations that may hereafter be issued pursuant to this order: (a) The im portation into the United States of any goods or services of Kuwaiti origin, or any activity that prom otes or is intended to prom ote such importation; (b) The exportation to Kuwait, or to any entity operated from Kuwait, or owned or controlled by the Governm ent of Kuwait, directly or indirectly, of any goods, technology (including technical data or other information), or services either (i) from the United States, or (ii) requiring the issuance of a license by a Federal agency, or any activity that prom otes or is intended to prom ote such ex portation, except donations of articles intended to relieve hum an suffering, such as food and supplies intended strictly for medical purposes; (c) Any dealing by a United States person related to property of Kuwaiti origin exported from Kuwait after A ugust 6, 1990, or property intended for exportation from Kuwait to any country, or exportation to Kuwait from any country, or any activity of any kind that prom otes or is intended to prom ote such dealing; (d) Any transaction by a United States person relating to travel by any United States citizen or perm anent resident alien to Kuwait, or to activities by any such person within Kuwait, after the date of this order, other than transactions necessary to effect (i) such person’s departure from Kuwait, (ii) travel and activities for the conduct of the official business of the Federal G overnm ent or the United Nations, or (iii) travel for journalistic activity by persons regularly employed in such capacity by a new s-gathering organization; (e) Any transaction by a United States person relating to transportation to or from Kuwait; the provision of transportation to or from the Unites States by any Kuwaiti person or any vessel or 3 aircraft of Kuwaiti registration; or the sale in the United States by any person holding authority under the Federal Aviation Act of 1958, as am ended (49 U.S.C. 1301 et seq.), of any transportation by air that includes any stop in Kuwait; (f) The perform ance by any United States person of any contract, including a financing con tract, in support of an industrial, com m ercial, public utility, or governmental project in Kuwait; (g) Except as otherw ise authorized herein, any com m itm ent or transfer, direct or indirect, of funds, or other financial or economic resources by any United States person to the Governm ent of Kuwait or any other person in Kuwait; (h) Any transaction by any United States person that evades or avoids, or has the purpose o f evading or avoiding, any of the prohibitions set forth in this order. Section 3. For purposes of this order: (a) the term “United States person” means any United States citizen, perm anent resident al ien, juridical person organized under the laws of the United States (including foreign branches), c-r any person in the United States, and vessels of U.S. registration. (b) the term “Governm ent of Kuwait” includes the Governm ent of Kuwait, or any entity pur porting to be the Governm ent of Kuwait, its agencies, instrum entalities and controlled entities, and the Central Bank of Kuwait. Section 4. This order is effective immediately. Section 5. The Secretary of the Treasury, in consultation with the Secretary of State, is hereby authorized to take such actions, including the promulgation of rules and regulations, as may be nec essary to carry out the purposes of this order. Such actions may include prohibiting or regulating payments or transfers of any property or any transactions involving the transfer of anything of ec onomic value by any United States person to the Governm ent of Kuwait, or to any Kuwaiti national or entity owned or controlled, directly or indirectly, by the Governm ent of Kuwait or Kuwaiti na tionals. The Secretary of the Treasury may redelegate any of these functions to other officers and agencies of the Federal Government. All agencies of the Federal Governm ent are directed to take all appropriate m easures within their authority to carry out the provisions of this order, including the suspension or term ination of licenses or other authorizations in effect as of the date of this order. Section 6. Executive Order No. 12723 of August 2, 1990, is hereby revoked to the extent inconsistent with this order. All delegations, rules, regulations, orders, licenses, and other forms of adm inistrative action made, issued, or otherw ise taken under Executive O rder No. 1 2 723 and not revoked adm inistratively shall remain in full force and effect under this order until am ended, m odified, or term inated by proper authority. The revocation of any provision of Executive O rder No. 12723 pursuant to this section shall not affect any violation of any rules, regulations, orders, licenses, or other form s of adm inistrative action under that order during the period that such pro vision of that order was in effect. This order shall be transm itted to the Congress and published in the Federal Register. GEORGE BUSH TH E W H ITE HOUSE August 9, 1990. 4
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