A Chinese oilfield services company agreed to settle U.S. Treasury Office of Foreign Assets Control ("OFAC") charges that it violated the Iranian Transactions and Sanctions Regulations.
According to OFAC, Yantai Jereh Oilfield Services Group Co. Ltd., and its affiliated companies and subsidiaries around the world (collectively, the "Jereh Group"), on at least 11 occasions "exported or re-exported, or attempted to export or re-export," U.S.-based goods to Iran through China, including oilfield equipment. OFAC also said that the Jereh Group undertook these actions with the knowledge that they violated U.S. sanctions against Iran.
OFAC stated that the Jereh Group did not voluntarily disclose the apparent violations. The Jereh Group's OFAC settlement is concurrent with a separate settlement with the U.S. Department of Commerce Bureau of Industry and Security.
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