ExecutiveOrdersEO
Notice 12170NoticeTrump 47 · R Quiet signal

Presidential Notice 12170

Continuation of the National Emergency With Respect to Iran

This notice continues for one year the national emergency with respect to Iran originally declared by Executive Order 12170 on November 14, 1979, under the International Emergency Economic Powers Act. The continuation extends the emergency and its associated measures beyond their scheduled expiration on November 14, 2025.

Federal Register Open PDF 90 FR 50735

Impact dates

  1. Continued national emergency expires unless renewed again

Market exposure

Policy exposure mapping — not investment advice. Illustrative public companies are incomplete and not recommendations.

Sectors

Banking & financeOil & gasShipping & logisticsOther industrial

Mechanisms

Ban / prohibitionLicensing

Role pressure

  • UncertainDomestic producer — No new industrial policy; continuation maintains status quo of restricted Iran market access for US firms
  • AdverseImporter — Sustained prohibition on Iranian-origin goods and services; compliance costs continue
  • AdverseTrading-partner exporter — Non-US entities face continued secondary sanctions risk for Iran dealings

Geographies

USEUCN

Exposure dates

  • — Continued national emergency expires unless renewed again

Illustrative public companies

Curated watchlist matches by sector/role — incomplete; not a recommendation.

MMM3MAAPLAppleBACBank of AmericaBLKBlackRockCATCaterpillarLNGCheniere EnergyCVXChevronCOPConocoPhillipsDACDanaosXOMExxon MobilFCXFreeport-McMoRanGEVGE VernovaGSGoldman SachsHONHoneywellHSBCHSBCJPMJPMorgan ChaseMATXMatsonSHELShellSPYSPDR S&P 500 ETFTSLATeslaZTOZTO Express

Confidence: high · Policy alerts

Key directives

  • Continue national emergency declared in EO 12170 for 1 year beyond November 14, 2025
  • Publish notice in Federal Register
  • Transmit notice to Congress

Timeline

Immediate

  • Continuation takes effect upon publication, extending sanctions authorities and asset freeze

Near term (90d)

  • Ongoing compliance obligations for banks and businesses; no new action required unless Treasury issues guidance

Long term

  • Emergency may be continued annually or terminated; sustained restrictions on Iran-US economic relations

Risks & tensions

  • Distinguishes this 1979 emergency from the separate 1995 emergency (EO 12957), suggesting complex layering of Iran sanctions regimes
  • Routine annual renewal with minimal policy change; no new measures or relaxations indicated
  • Text notes 'process of implementing the agreements with Iran, dated January 19, 1981, is ongoing' — vague status of Algiers Accords implementation
Presidential Notice 12170: Continuation of the National Emergency With Respect to Iran · Executive Orders