THE JOURNAL OF EXPORT CONTROLS AND SANCTIONS

Issue 48, March 2016

OFAC fines French company $600,000 for complying with EU blocking statute

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On 22 February, French-based geophysical services company Compagnie Générale de Géophysique  (‘CGG’) agreed to pay just over $600,000 to settle a potential civil liability with the U.S. Treasury’s Office of Foreign Assets Control (‘OFAC’) for alleged violations of the Cuban Assets Control Regulations. Arguably, had the company not committed the violations, it would have been in breach of an EU blocking statute. CGG, which provides services, spare parts, and equipment for oil and gas exploration and seismic surveys, is alleged to have engaged in several illegal transactions between September 2010 and July 2011, including the export of spare parts and...

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