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Title:  The Treasury Department has amended regulations that will allow some Iranian oil to be imported into the US. Economic Highlights. (910312)

Date:   19910312

Text:
*ECO-207

3/12/91 * ECONOMIC HIGHLIGHTS, TUESDAY, MARCH 12 SH(Iranian oil imports) (260)

SU1U.S. TO ALLOW SOME IRANIAN OIL IMPORTS

TWashington -- The U.S. Department of the Treasury has amended regulations to will allow some Iranian oil to be imported into the United States.

The department announced March 12 that, on a case-by-case basis, specific licenses will be issued for the oil imports, the first to be issued since October 1987 when an embargo on Iranian oil was imposed because of concerns over terrorist attacks against U.S. shipping.

The imports will now be allowed in if two conditions are met. First, revenue from the oil must go directly to the Iran-U.S. Claims Tribunal Security Account at The Hague to settle claims against Iran following Iran's taking of U.S. hostages and expropriating U.S. property in 1979.

Following the signing of the Algiers Accords in 1981 that freed the American hostages and provided for the settlement of claims between the two countries, the security account was established to pay U.S. claimants.

"In selling oil for importation into the United States, Iran would produce revenues to satisfy a Tribunal award or replenish the Security Account against future awards," the Treasury Department said March 12.

The second condition, according to a treasury official, is that the oil must be of Iranian origin and not transshipments from other countries such as Iraq. Iran will have to provide documented proof of origin of the oil.

Other prohibitions on the unauthorized importation of Iranian-origin goods and services remain in effect.