US Manufacturer Discloses Possible Russian Sanctions Violations
Curtiss-Wright, a U.S. manufacturer, may have violated U.S. sanctions on Russia when it continued to do business with two customers after they were acquired by a sanctioned entity, the company said in an Aug. 19 Securities and Exchange Commission filing. The company said the two customers, “unbeknown” to Curtiss-Wright, were acquired in 2019 by an entity subject to OFAC’s Ukraine-related sanctions. “Change of ownership resulted in beneficial ownership sanctions now capturing our two long-time customers,” the company said.
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Curtiss-Wright said it believed one of its employees was largely responsible for the violations. The company said it expects OFAC to view the violations as a “low to medium infraction” with a possible fine because the employee “acted individually and not with consent of management” and has since been fired. “We do not believe this will result in a material adverse effect,” Curtiss-Wright said.