OFAC SETTLEMENT WITH ITALIAN COMPANY OVER ALLEGED IRAN SANCTIONS VIOLATIONS

On 26 March, OFAC announced that Nordgas Srl, a company located in Italy that produces and sells components for gas boiler systems and applications has agreed to pay $950,000 to settle its potential civil liability for apparent violations of the Iranian transactions and sanctions regulations.  Over an approximately 4-year period, Nordgas knowingly reexported 27 shipments of air pressure switches procured from a US company intended for as many as 10 customers in Iran and caused a US company to indirectly export its goods to Iran. 

https://content.govdelivery.com/accounts/USTREAS/bulletins/2c9b799

https://home.treasury.gov/system/files/126/20210326_nordgas.pdf

https://home.kpmg/us/en/home/insights/2021/03/tnf-italian-company-settle-violations-iranian-sanctions.html

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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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