State Dept Announces Sanctions Against NaftIran Intertrade Co.
On September 30, 2010, the State Department announced that the U.S. is imposing sanctions against NaftIran Intertrade Company, sometimes known as NICO, for its involvement in the Iranian petroleum sector under the Iran Sanctions Act (ISA). State also announced commitments from four international energy firms to terminate their investments and avoid any new activity in Iran’s energy sector.
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State says these are the first public actions involving companies investing in Iran’s energy sector since the ISA was expanded by Congress on July 1st when President Obama signed the Comprehensive Iran Sanctions, Accountability, and Divestment Act (CIDASA) into law.