Iran deal includes $300 billion fund, more than half of which already committed, source says

Summary Commitments exceed $150 billion across five regions, says source The investment fund vehicle contains no government money New fund is separate from frozen asset talks, says source Fund only becomes operational after final US-Iran deal is signed

DUBAI, June 17 (Reuters) - A $300 billion private fund designed to trigger investment into Iran is outlined in the U.S.-Iran framework agreement and more than half that sum has already been committed, a source with direct knowledge of the deal told Reuters.

The fund's existence has been previously reported but Reuters is revealing for the first time that more than half of the amount has already been committed and that it will be comprised entirely of private-sector funds.

The new fund is a private investment vehicle, not a reconstruction or reparations programme and will not include any government ⁠money or grants, the source said, adding that companies based in the U.S., the Gulf Arab states, Asia, South America and Africa have agreed to commit financing. Investments pledged span energy, logistics, manufacturing and transport, the source said. U.S. President Donald Trump pushed back on Wednesday against any characterisation of the fund as a U.S. investment. "We're not investing, we're not putting up 10 cents," he said, adding that he was not asking Gulf countries to invest either.

22 U.S. Code § 8741 - Identification of, and imposition of sanctions with respect to, officials, agents, and affiliates of Iran’s Revolutionary Guard Corps
(a)In general
Not later than 90 days after August 10, 2012, and as appropriate thereafter, the President shall—
(1)identify foreign persons that are officials, agents, or affiliates of Iran’s Revolutionary Guard Corps; and
(2)for each foreign person identified under paragraph (1) that is not already designated for the imposition of sanctions pursuant to the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.)—
(A)designate that foreign person for the imposition of sanctions pursuant to that Act; and
(B)block and prohibit all transactions in all property and interests in property of that foreign person if such property and interests in property are in the United States, come within the United States, or are or come within the possession or control of a United States person.
(b)Priority for investigation
In identifying foreign persons pursuant to subsection (a)(1) as officials, agents, or affiliates of Iran’s Revolutionary Guard Corps, the President shall give priority to investigating—
(1)foreign persons or entities identified under section 560.304 of title 31, Code of Federal Regulations (relating to the definition of the Government of Iran); and
(2)foreign persons for which there is a reasonable basis to find that the person has conducted or attempted to conduct one or more sensitive transactions or activities described in subsection (c).
(c)Sensitive transactions and activities described
A sensitive transaction or activity described in this subsection is—
(1)a financial transaction or series of transactions valued at more than $1,000,000 in the aggregate in any 12-month period involving a non-Iranian financial institution;
(2)a transaction to facilitate the manufacture, importation, exportation, or transfer of items needed for the development by Iran of nuclear, chemical, biological, or advanced conventional weapons, including ballistic missiles;
(3)a transaction relating to the manufacture, procurement, or sale of goods, services, and technology relating to Iran’s energy sector, including a transaction relating to the development of the energy resources of Iran, the exportation of petroleum products from Iran, the importation of refined petroleum to Iran, or the development of refining capacity available to Iran;
(4)a transaction relating to the manufacture, procurement, or sale of goods, services, and technology relating to Iran’s petrochemical sector; or
(5)a transaction relating to the procurement of sensitive technologies (as defined in section 8515(c) of this title).
(d)Exclusion from United States
(1)In general
Subject to paragraph (2), the Secretary of State shall deny a visa to, and the Secretary of Homeland Security shall exclude from the United States, any alien who, on or after August 10, 2012, is a foreign person designated pursuant to subsection (a) for the imposition of sanctions pursuant to the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.).

(2)Regulatory exceptions to comply with international obligations
The requirement to deny visas to and exclude aliens from the United States pursuant to paragraph (1) shall be subject to such regulations as the President may prescribe, including regulatory exceptions to permit the United States to comply with the Agreement between the United Nations and the United States of America regarding the Headquarters of the United Nations, signed June 26, 1947, and entered into force November 21, 1947, and other applicable international obligations.

(e)Waiver of imposition of sanctions
(1)In general
The President may waive the application of subsection (a) or (d) with respect to a foreign person if the President—
(A)determines that it is vital to the national security interests of the United States to do so; and
(B)submits to the appropriate congressional committees a report that—
(i)identifies the foreign person with respect to which the waiver applies; and
(ii)sets forth the reasons for the determination.
(2)Form of report
A report submitted under paragraph (1)(B) shall be submitted in unclassified form but may contain a classified annex.

(f)Rule of construction
Nothing in this section shall be construed to remove any sanction of the United States in force with respect to Iran’s Revolutionary Guard Corps as of August 10, 2012.

https://www.law.cornell.edu/uscode/text/22/8741

There’s no legal authority to waive subsection (c) sanctioning.

22 U.S. Code § 8724 - Continuation in effect of sanctions with respect to the Government of Iran, the Central Bank of Iran, and sanctions evaders
(a)Sanctions relating to blocking of property of the Government of Iran and Iranian financial institutions
United States sanctions with respect to Iran provided for in Executive Order No. 13599 (77 Fed. Reg. 6659), as in effect on the day before August 10, 2012, shall remain in effect until the date that is 90 days after the date on which the President submits to the appropriate congressional committees the certification described in subsection (d).

(b)Sanctions relating to foreign sanctions evaders
United States sanctions with respect to Iran provided for in Executive Order No. 13608 (77 Fed. Reg. 26409), as in effect on the day before August 10, 2012, shall remain in effect until the date that is 30 days after the date on which the President submits to the appropriate congressional committees the certification described in section 401(a) of the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (22 U.S.C. 8551(a)).

(c)Continuation of sanctions with respect to the Central Bank of Iran
In addition to the sanctions referred to in subsection (a), the President shall continue to apply to the Central Bank of Iran sanctions pursuant to the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.), including blocking of property and restrictions or prohibitions on financial transactions and the exportation of property, until the date that is 90 days after the date on which the President submits to Congress the certification described in subsection (d).

(d)Certification described
(1)In general
The certification described in this subsection is the certification of the President to Congress that the Central Bank of Iran is not—
(A)providing financial services in support of, or otherwise facilitating, the ability of Iran to—
(i)acquire or develop chemical, biological, or nuclear weapons, or related technologies;
(ii)construct, equip, operate, or maintain nuclear facilities that could aid Iran’s effort to acquire a nuclear capability; or
(iii)acquire or develop ballistic missiles, cruise missiles, or destabilizing types and amounts of conventional weapons; or
(B)facilitating transactions or providing financial services for—
(i)Iran’s Revolutionary Guard Corps; or
(ii)financial institutions the property or interests in property of which are blocked pursuant to the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.) in connection with—
(I)Iran’s proliferation of weapons of mass destruction or delivery systems for weapons of mass destruction; or
(II)Iran’s support for international terrorism.
(2)Submission to Congress
(A)In general
The President shall submit the certification described in paragraph (1) to the appropriate congressional committees in writing and shall include a justification for the certification.

(B)Form of certification
The certification described in paragraph (1) shall be submitted in unclassified form but may contain a classified annex.

(e)Rule of construction
Nothing in this section shall be construed to limit the authority of the President pursuant to the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.) or the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (22 U.S.C. 8501 et seq.).

https://www.law.cornell.edu/uscode/text/22/8724

Iranians must behave for at least 90 days before they can get their money.

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