§ 7207. — Prohibition on United States assistance and financing.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 22USC7207]
TITLE 22--FOREIGN RELATIONS AND INTERCOURSE
CHAPTER 79--TRADE SANCTIONS REFORM AND EXPORT ENHANCEMENT
Sec. 7207. Prohibition on United States assistance and financing
(a) Prohibition on United States assistance
(1) In general
Notwithstanding any other provision of law, no United States
Government assistance, including United States foreign assistance,
United States export assistance, and any United States credit or
guarantees shall be available for exports to Cuba or for commercial
exports to Iran, Libya, North Korea, or Sudan.
(2) Rule of construction
Nothing in paragraph (1) shall be construed to alter, modify, or
otherwise affect the provisions of section 6039 of this title or any
other provision of law relating to Cuba in effect on the day before
October 28, 2000.
(3) Waiver
The President may waive the application of paragraph (1) with
respect to Iran, Libya, North Korea, and Sudan to the degree the
President determines that it is in the national security interest of
the United States to do so, or for humanitarian reasons.
(b) Prohibition on financing of agricultural sales to Cuba
(1) In general
No United States person may provide payment or financing terms
for sales of agricultural commodities or products to Cuba or any
person in Cuba, except in accordance with the following terms
(notwithstanding part 515 of title 31, Code of Federal Regulations,
or any other provision of law):
(A) Payment of cash in advance.
(B) Financing by third country financial institutions
(excluding United States persons or Government of Cuba
entities), except that such financing may be confirmed or
advised by a United States financial institution.
Nothing in this paragraph authorizes payment terms or trade
financing involving a debit or credit to an account of a person
located in Cuba or of the Government of Cuba maintained on the books
of a United States depository institution.
(2) Penalties
Any private person or entity that violates paragraph (1) shall
be subject to the penalties provided in the Trading With the Enemy
Act [50 App. U.S.C. 1 et seq.] for violations under that Act.
(3) Administration and enforcement
The President shall issue such regulations as are necessary to
carry out this section, except that the President, in lieu of
issuing new regulations, may apply any regulations in effect on
October 28, 2000, pursuant to the Trading With the Enemy Act [50
App. U.S.C. 1 et seq.], with respect to the conduct prohibited in
paragraph (1).
(4) Definitions
In this subsection--
(A) the term ``financing'' includes any loan or extension of
credit;
(B) the term ``United States depository institution'' means
any entity (including its foreign branches or subsidiaries)
organized under the laws of any jurisdiction within the United
States, or any agency, office or branch located in the United
States of a foreign entity, that is engaged primarily in the
business of banking (including a bank, savings bank, savings
association, credit union, trust company, or United States bank
holding company); and
(C) the term ``United States person'' means the Federal
Government, any State or local government, or any private person
or entity of the United States.
(Pub. L. 106-387, Sec. 1(a) [title IX, Sec. 908], Oct. 28, 2000, 114
Stat. 1549, 1549A-70.)
References in Text
The Trading With the Enemy Act, referred to in subsec. (b)(2), (3),
is act Oct. 6, 1917, ch. 106, 40 Stat. 411, as amended, which is
classified to sections 1 to 6, 7 to 39 and 41 to 44 of Title 50,
Appendix, War and National Defense. For complete classification of this
Act to the Code, see Tables.
