Under growing criticism from the public and its own shareholders, GE announced in 2005 that it would accept no new business in Iran and would wind down existing contracts, which mostly involved
sales of oil, gas and energy and health-care equipment. The remaining
work, valued at less than $50 million, amounts to less than .01 percent
of GE's income, and the company says the final four contracts will
expire within weeks.

In an effort to further isolate Iran, the Reagan Administration is moving toward more severe restrictions on trade with that country, State
Department officials said today.

The impending crackdown was described as a reflection of the heightened tensions between the United
States and Iran over the Persian Gulf. (NYT)

Countries determined by the Secretary of State to have repeatedly provided support for acts of international terrorism are designated pursuant to
three laws: section 6(j) of the Export Administration Act, section 40
of the Arms Export Control Act, and section 620A of the Foreign
Assistance Act. Taken together, the four main categories of sanctions
resulting from designation under these authorities include restrictions
on U.S. foreign assistance; a ban on defense exports and sales; certain
controls over exports of dual use items; and miscellaneous financial
and other restrictions.

Designation under the above-referenced authorities also implicates other sanctions laws that penalize persons
and countries engaging in certain trade with state sponsors. Currently
there are five countries designated under these authorities: Cuba,
Iran, North Korea, Sudan and Syria.

"Senior management and the board decided in mid-December to discontinue taking new orders because of uncertain conditions relating to Iran."