31 CFR §535.567

1. (a)Specific licenses may be issued for presentation, acceptance, or payment of documentary drafts under a letter of credit opened by an Iranian entity and advised by a domestic bank or an Iranian bank subject to the jurisdiction of the United States, provided, That:
   1. (1)The letter of credit was advised prior to the effective date;
   2. (2)The property which is the subject of the payment under the letter of credit was not in the possession or control of the exporter on or after the effective date;
   3. (3)The Beneficiary is a person subject to the jurisdiction of the United States.
2. (b)As a general matter, licenses will not be issued if the amount to be paid to a single payee exceeds $500,000, or if hardship cannot be shown.