OFAC Settles Sanctions Violation Suit with Weatherford International
The Department of Treasury Office of Foreign Affairs Control (OFAC) settled a civil liability suit with Weatherford International Ltd. for apparent violations of the Cuban Assets Control Regulations, Iranian Transactions and Sanctions Regulations and Sudanese Sanctions Regulations, OFAC said Nov.…
Sign up for a free preview to unlock the rest of this article
Communications Daily is required reading for senior executives at top telecom corporations, law firms, lobbying organizations, associations and government agencies (including the FCC). Join them today!
26. Weatherford and its subsidiaries provided oilfield equipment and services, along with other direct or indirect exportation of goods, technology, and/or services to the countries in question, said OFAC. “Weatherford’s $91,026,450 settlement with OFAC will be deemed satisfied by the $50 million in criminal fines and monetary penalties paid by Weatherford International Ltd. and two of its subsidiaries pursuant to their agreements with the USAO, as well as the $50 million civil penalty paid to BIS,” said OFAC.