Chinese Oil Company Agrees To Pay $2.8Mln For Violating US Sanctions On Iran - Treasury

Faizan Hashmi Published December 13, 2018 | 12:06 AM

The US Treasury in a statement on Wednesday announced a settlement worth nearly $2.8 million with a Chinese oilfield services group for violations of Iran sanctions.

WASHINGTON (UrduPoint News / Sputnik - 12th December, 2018) The US Treasury in a statement on Wednesday announced a settlement worth nearly $2.8 million with a Chinese oilfield services group for violations of Iran sanctions.

"The US Department of the Treasury's Office of Foreign Assets Control (OFAC) today announced a $2,774,972 settlement with Yantai Jereh Oilfield Services Group Co.

Ltd. and its affiliated companies," the press release stated. "The Jereh Group, headquartered in the city of Yantai, China, has agreed to settle potential civil liability for 11 apparent violations of the Iranian Transactions and Sanctions Regulations."