home Cuba, Economic Sanctions, Iran European Entities Fined $90 Million For Alleged Violations of Iran and Cuba Sanctions

European Entities Fined $90 Million For Alleged Violations of Iran and Cuba Sanctions

The Treasury Department Office of Foreign Assets Control (OFAC) released an enforcement action this morning that will surely raise some eyebrows in the Iran and Cuba sanctions policy world. It was a multi-agency action that included the Justice Department as well as Commerce’s Bureau of Industry and Security (BIS).

According to the OFAC enforcement action:

Weatherford International Ltd. and its subsidiaries and affiliates Weatherford Oil Tool Middle East Ltd., Weatherford Production Optimisation (UK) Ltd., formerly known as eProduction Solutions U.K. Ltd., eProduction Solutions, LLC, formerly known as eProduction Solutions, Inc., Precision Energy Services ULC, formerly known as Precision Energy Services Ltd., and Precision Energy Services Colombia Ltd. (collectively, “Weatherford”), have agreed to settle potential civil liability for apparent violations of the Cuban Assets Control Regulations (“CACR”), 31 C.F.R. part 515; the Iranian Transactions and Sanctions Regulations (“ITSR”),1 31 C.F.R. part 560; and the Sudanese Sanctions Regulations (“SSR”), 31 C.F.R. part 538, for $91,026,450.

As if export controls and economic sanctions were not enough, there is also an ongoing FCPA investigation. A trade compliance trifecta.

We’ll have more to say about this case later, including tying it in with various issues including the recent Iran deal as well as Cuba’s offshore oil drilling fiasco that came to a close earlier this year.

Stay tuned …

Nov 26 2013 US Treasury OFAC Enforcement Action – Iran, Cuba, Sudan by Jason Poblete

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