OFAC Settles Case Over China Exports, Highlights Criminal Action Against Schlumberger Oilfield
The Treasury Department settled cases in recent days with two companies over violations of the U.S. sanctions regime. Production Products will pay Treasury’s Office of Foreign Assets Control $78,750 over illegal shipments to China of three duct fabrication machines (here).…
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The Maryland-based company sent the goods to China National Precision Machinery Import and Export Corp., an entity on the Specially Designated National list. OFAC also published a notice of sanctions violations involving Schlumberger Oilfield Holdings (SOHL), a subsidiary of Houston-based Schlumberger Ltd. (here). SOHL and Schlumberger collaborated to direct and oversee the transfer of oilfield equipment to Iran and Sudan, two countries that are strictly sanctioned by the U.S. Those transfers, along with other violations that involved capital expenditures and technical services, took place from 2004-2010. SOHL agreed to pay a more than $150,000,000 criminal fine to the Justice Department and a forfeiture of more than $77,000,000, said OFAC.