Iran Economy NewsSwiss firm hit with record fine for oil sanctions...

Swiss firm hit with record fine for oil sanctions violations

-

The Hill: A Swiss firm will pay a record $100 million fine for violating oil sanctions targeting Iran, Sudan and Cuba, the Obama administration announced Tuesday. The settlement agreed to by oil services giant Weatherford International is the largest ever with the government outside of the banking industry.

The Hill

By Julian Pecquet

A Swiss firm will pay a record $100 million fine for violating oil sanctions targeting Iran, Sudan and Cuba, the Obama administration announced Tuesday.

The settlement agreed to by oil services giant Weatherford International is the largest ever with the government outside of the banking industry, according to the Treasury Department. The company, which was founded in Texas but relocated in 2008, has also agreed to pay another $153 million for violating the Foreign Corrupt Practices Act and the United Nations Oil-for-Food Program in Iraq.

“Today’s action underscores our deep commitment to target those who seek to violate our sanctions,” Adam Szubin, the director of the Treasury’s Office of Foreign Assets Control, said in a statement. “Our dedicated staff of investigators will continue their important work to identify, expose, and take action to combat sanctions evasion wherever we find it.”

Weatherford is accused of violating sanctions with Iran by exporting $23 million worth of goods and services to the country between 2003 and 2007. The company is also accused of conducting $69 million worth of illegal business between 2005 and 2008, and another $300,000 with Sudan.

“This matter is now behind us. We move forward fully committed to a sustainable culture of compliance,” Weatherford Chairman and CEO Bernard Duroc-Danner said in a statement. “With the internal policies and controls currently in place, we maintain a best-in-class compliance program and uphold the highest of ethical standards as we provide the industry’s leading products and services to our customers worldwide.”

Latest news

Grim Tidings for Iran’s Regime After Approval of UN Fact-Finding Mission

After many discussions and debates, the United Nations Human Rights Council has approved a fact-finding mission to investigate the...

Iranian People’s Resistance Changed the Appeasement Policy

Soon after the new US government started its obligations in January 2021, hand in hand with the European governments...

Khamenei’s Disgraceful Campaign Against Piranshahr and Javanrud, Who Will Be the Loser?

On the 67th day of Iran’s revolution, the Iranian regime attempted to put a halt to the protests in...

Iran: Expensive Medicine, Cheap Human Life

A look at the equipment and weapons that the Iranian regime has been using against its people to suppress...

Who Is Abolqasem Salavati Iran Regime’s Killer Judge?

Last week, it was announced that the case of several people who were arrested during the Iranian People's uprising...

Iran Revolution Characteristics

More than two months have passed since the start of the latest round of protests in Iran against the...

Must read

Bush urges Iran to free jailed journalist

AFP: US President George W. Bush wants Tehran to...

StatoilHydro to halt investments in Iran -FT

Reuters: Norwegian oil and gas group StatoilHydro will not...

You might also likeRELATED
Recommended to you