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.…
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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.