OFAC Settles Civil Case with GAC Over Fuel Supply for Iran Vessel
The Treasury Department’s Office of Foreign Assets Control (OFAC) settled a potential civil liability case with Houston-based GAC Bunker Fuels. Philadelphia-based partner GAC Shipping agreed to pay the $157,000 penalty on behalf of GAC Bunker Fuels. GAC supplied bunker fuel…
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in Paranagua, Brazil for an Iranian vessel carrying an agricultural commodity, in alleged violation of the Iranian Transactions and Sanctions Regulations. GAC did not voluntarily disclose the fuel supply, but OFAC does not consider the violation egregious.