31 CFR 535.567 : Money And Finance: Treasury (§ 0.101 To Parts 1061-1099) — (Part 500 To Parts 1061-1099) — Regulations Relating To Money And Finance (Continued) (Part 500 To Parts 1061-1099) — Office Of Foreign Assets Control, Department Of The Treasury (Part 500 To Appendix A To Chapter V) — Iranian Assets Control Regulations (§ 535.101 To § 535.905) — Licenses, Authorizations And Statements Of Licensing Policy (§ 535.501 To § 535.580) — Payment under advised letters of credit.

(a) Specific licenses may be issued for presentation, acceptance, or payment of documentary drafts under a letter of credit opened by an Iranian entity and advised by a domestic bank or an Iranian bank subject to the jurisdiction of the United States, provided, That:

(1) The letter of credit was advised prior to the effective date;

(2) The property which is the subject of the payment under the letter of credit was not in the possession or control of the exporter on or after the effective date;

(3) The Beneficiary is a person subject to the jurisdiction of the United States.

(b) As a general matter, licenses will not be issued if the amount to be paid to a single payee exceeds $500,000, or if hardship cannot be shown.