BIS Assesses Penalty, Export Ban on Oil Equipment Firm for Iran Sanctions Violations
The Commerce Department’s Bureau of Industry and Security (BIS) assessed a civil penalty of $250,000 on Oil Services & Trading, Inc., a company based out of Humble, Texas, for violations of the Export Administration Regulations (EAR) and the Iranian Transactions…
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Regulations. The company allegedly transshipped oil and gas equipment parts through the United Arab Emirates to Iran between 2006 and 2008, BIS said. BIS will waive $150,000 of the penalty after two years if Oil Services & Trading, Inc. maintains compliance. The company knowingly committed the violation without the proper U.S. government authorization, said BIS. BIS also said Oil Services & Trading, Inc. is not permitted to export any items subject to the EAR for a period of five years.