[Presidential Documents] : “… I, BARACK OBAMA, President of the United States of America, in order to take additional steps with respect to the national emergency declared in Executive Order 12957 of March 15, 1995, as relied upon
for additional steps in subsequent Executive Orders, particularly in light of the
Government of Iran’s use of revenues from petroleum, petroleum products, and
petrochemicals for illicit purposes, Iran’s continued attempts to evade
international sanctions through deceptive practices, and the unacceptable risk
posed to the international financial system by Iran’s activities, hereby order:
Section 1. (a) The Secretary of the Treasury, in consultation with the Secretary of
State, is hereby authorized to impose on a foreign financial institution the
sanctions described in subsection (b) of this section upon determining that the
foreign financial institution has knowingly conducted or facilitated any significant
financial transaction:

(i) with the National Iranian Oil Company (NIOC) or Naftiran Intertrade Company (NICO), except for a sale or provision to NIOC or NICO of the products described
in section 5(a)(3)(A)(i) of the Iran Sanctions Act of 1996 (Public Law 104–172),
as amended, provided that the fair market value of such products is lower than
the applicable dollar threshold specified in that provision;
(ii) for the purchase or acquisition of petroleum or petroleum products from Iran;
(iii) for the purchase or acquisition of petrochemical products from Iran ….”
77 FR 45897-02
Published 08-02-2012