IRAN SANCTIONS: SETTLEMENT AGREEMENT BETWEEN OFAC AND CHINESE JEREH OILFIELD SERVICES GROUP

A news release from the US Treasury on 12 December reported a $2,774,972 settlement with Yantai Jereh Oilfield Services Group Co. Ltd, a Chinese-based company, and its affiliated companies and subsidiaries worldwide to settle potential civil liability for 11 apparent violations of the Iranian Transactions and Sanctions Regulations.  The apparent violations involved the exportation or re-exportation, and attempted exportation or re-exportation of US-origin goods ultimately intended for end-users in Iran; with 2 of the 11 shipments were seized by US Customs and Border Protection prior to exiting the US.

https://content.govdelivery.com/accounts/USTREAS/bulletins/2220bb3

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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