THE JOURNAL OF EXPORT CONTROLS AND SANCTIONS

November 2016

OFAC fines U.S. oil company for sanctions violations

Settlement agreed after major oil company allegedly violated sanctions on Iran, Cuba, and Sudan.

The Treasury Department’s Office of Foreign Assets Control (‘OFAC’) has fined U.S. company National Oilwell Varco (‘NOV’), and its subsidiaries Dreco and Elmar, $6 million as settlement of their civil liability for allegedly violating sanctions on Iran, Cuba, and Sudan. The U.S. sanctions violations date back to 2002 and refer to several illicit transactions involving the sale and export of goods to countries under a trade embargo, including at least four commission payments by a subsidiary to a U.K.-based entity related to the sale and export of the unit’s goods to Iran. OFAC deemed that NOV had deliberately ignored Dreco’s...

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