nternational Emergency Economic Powers. Codified at Title 50 U.S.Code Sec. 1701, gives the U.S. President the ability to impose economic and other sanctions where he declares (by Executive Order) that there is an “unusual and extraordinary threat” to the United States. The IEEPA has been used to sanction (and invade) Iraq, sanction Iran, Syria, and other nations, and to sanction drug traffickers and terrorists and terrorist organizations. IEEPA is the underlying authority for OFAC sanctions.