The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) today announced that a company in Chennai, India has agreed to pay $17,500 to settle its potential civil liability for an apparent violation of the Iranian sanction rules.
According to the OFAC release, the Indian company's Singapore subsidiary in 2008 placed an order for oil rig supplies from a vendor in the United States, with the intended purpose of re-exporting these supplies from the United Arab Emirates to an oil drilling rig located in Iranian territorial waters. The company did not voluntarily self-disclose the violation (that was identified as a “non-egregious case.”)
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