RECENT OFAC CIVIL COMPLAINT SETTLEMENT FOR SANCTION VIOLATIONS
January 21, 2019
On December 12, 2018, the U.S. Office of Foreign Assets Control (OFAC) announced a $2,774,972 million settlement between Yantai Jereh Oilfield Services Group Co. Ltd. (Jereh Group), its affiliated companies and subsidiaries worldwide, and the U.S. Department of Commerce’s Bureau of Industry and Security.
Specifically, from on or about October 2, 2014 to on or about March 4, 2016, the Jereh Group violated provisions of the Iranian Transaction and Sanctions Regulations (ITSR) on at least 11 occasions when it exported or re-exported, or attempted to export or re-export, U.S.-origin goods ultimately intended for end-users in Iran by way of China. The goods in question include oilfield equipment such as spare parts, coiled tubing strings, and pump sets. Consequently, OFAC determined that the violations constituted an egregious case warranting the nearly $3 million dollar settlement.
If you have any questions, please contact Evelyn Sahr (esahr@eckertseamans.com or 202-659-6622); Drew Derco (dderco@eckertseamans.com or 202-659-6665), or Alexander Matthews (amatthews@eckertseamans.com or 202-659-6633).
Share This Post
Authors
