U.S. ISSUES PENALTIES UNDER IRAN SANCTIONS
April 17, 2015
The United States government recently issued its first penalties under the new Iranian sanctions regime, which was put in place to prevent foreign investment in Iran’s oil and gas sector and to persuade Iran to limit its nuclear program.
To date the U.S. has targeted Naftiran Intertrade Co., which is a Swiss subsidiary of Iran’s national oil company. The government’s actions will prevent Naftiran Intertrade Co. from receiving loans in excess of $10 million from any U.S. bank. Through these sanctions U.S. officials also hope to discourage foreign companies from doing business with the Naftiran Intertrade Co. for fear they may also be penalized.
The Obama administration granted waivers to four European energy companies (Total of France, Statoil of Norway, Eni of Italy, and Anglo-Dutch Shell) which are in the process of withdrawing from the Iranian market.
If you have any questions, please contact Evelyn Sahr (esahr@eckertseamans.com, 202-659-6622) or Drew Derco (dderco@eckertseamans.com, 202-659-6665).