Machine summary:
The exceptions to the general ban were: 1) Petroleum products refined from Iranian crude in a third country; 2) Articles imported from Iran into the US that were exported from Iran prior to the effective date of this orders; 3) Iranian-origin publications and materials imported for news publications or news broadcasts; · 4) Iranian goods in connection with awards of the Iran-US Claims Tribunal at The Hague or related settlements1 To strengthen the legal authority underlying the new action, President Clinton announced a complete trade embargo against Iran on May 5, 1995 prohibiting US firms and their foreign subsidiaries from investing and from undertaking any involvement in petroleum development in Iran.
2. The Iran-Libya Sanctions Act (D' Amato Act) Constitutes A Secondary Boycott On August 5, 1996 President Clinton signed into law the controversial bill, "The Iran- Libya Sanctions Act of 1996" aimed at ©lnstitule for Political and International Studies 106 THE IRANIAN JOURNAL OF lt\'TERNATJONAL AFFAIRS penalising foreign nationals or.
The underlying premise of the sanctions is that both Iran and Libya pose a threat to the United States national security interests by attempting to acquire weapons of mass destruction and supporting the acts of international terrorism.
Increasingly ©Institute for Political and International Studies 114 THE IRANIAN JOURNAL OF INTERNATIONAL AFFAIRS enough the use of economic sanctions by the United States constitute a flagrant violation of the sovereignty of other states and the legitimate interests of companies and subjects under their jurisdiction as well as freedom of trade by limiting the rights of sovereigns to pursue a truly independent trade policy.