CFR > Title 31 - Money and Finance: Treasury > SUBTITLE B—Regulations Relating to Money and Finance > CHAPTER V—OFFICE OF FOREIGN ASSETS CONTROL, DEPARTMENT OF THE TREASURY (parts 501 to 598) > PART 560—IRANIAN TRANSACTIONS REGULATIONS > SUBPART E—Licenses, Authorizations and Statements of Licensing Policy (§560.500 to §560.540) > 560.520—Exportation of agricultural commodities on contracts entered into prior to May 7, 1995.

560.520—Exportation of agricultural commodities on contracts entered into prior to May 7, 1995.

(a) All transactions by United States persons in connection with the exportation from the United States to Iran of any agricultural commodity under an export sales contract are authorized, provided:
(1) Such contract was entered into prior to 12:01 a.m. EDT, May 7, 1995; and
(2) The terms of such contract require delivery of the commodity prior to February 2, 1996.
(b) The performance of letters of credit and other financing agreements with respect to exports authorized by this section is authorized pursuant to their terms.
(c) For purposes of this section, the term agricultural commodity means feed grains, rice, wheat, cotton, peanuts, tobacco, dairy products, and oilseeds (including vegetable oil).
(d) Specific licenses may be granted on a case-by-case basis for transactions by United States persons in connection with the exportation of other agricultural articles from the United States to Iran that do not fall within the definition of “agricultural commodity” contained in paragraph (c) of this section, provided such exportation is pursuant to an export sales contract and the conditions contained in paragraphs (a)(1) and (a)(2) of this section are met.