Long-haul truck manufacturer PACCAR Inc. will pay more than $1.7 million to settle allegations the company may have evaded sanctions against Iran. PACCAR’s Netherlands-based subsidiary, DAF Trucks N.V., allegedly sold or supplied 63 trucks worth about $5.4 million to European customers that “it knew or had reason to know were ultimately intended...
Continue reading…
Category: Sanctions Violations
European Union nations setting up new economic system to allow trade with Iran and directly evade U.S. Sanctions on Iran
Members of the European Union are setting up an economic system which will allow oil companies and businesses to trade with Iran as a direct way to evade U.S. sanctions on Iran that were recently stiffened.
The European countries stated that they were determined “to protect the freedom of...
Continue reading…
Worlds most popular multiplayer online videogame League of Legends blocked in Iran and Syria due to developers fear of U.S. sanctions
One of the world's most popular multiplayer online video games, League of Legends has been blocked in Iran and Syria by its developer Riot Games.
Riot's decision to block both Iranian and Syrian players from League of Legends was made after the Iranian army shot down a U.S....
Continue reading…
Department of Justice charges two Iranian Nationals for exporting carbon fiber from the U.S. to Iran. It is used in Uranium enrichment
The United States Attorney in the Southern District of New York has issued a three-count indictment charging Pourghannad, Ali Reza Shokri and Farzin Faridmanesh with exporting carbon fiber from the United States to Iran. “Pourghannad is alleged to have sought to procure for Iran large amounts of carbon fiber — a commodity that...
Continue reading…
North Korean cargo vessel seized by U.S. Government for violating U.S. sanctions on North Korea
U.S. authorities have announced the seizure of a North Korean carrier shipM/V Wise Honest (the “Wise Honest”), a 17,061-ton, single-hull bulk carrier ship registered in the Democratic People’s Republic of Korea (“DPRK” or “North Korea”). The Wise Honest, one of North Korea’s largest bulk carriers, was used to illicitly ship coal from...
Continue reading…
UniCredit Bank pleads Guilty and will pay $1.3 Billion for illegally processing transactions violating U.S. Sanctions against Iran
Banks Agree to Pay Over $1.3 Billion for Violating Sanctions
UniCredit Bank AG (UCB AG), a financial institution headquartered in Munich, operating under the name HypoVereinsbank, and part of the UniCredit Group has agreed to enter...
Continue reading…
Standard Chartered Banks admits it illegally processed transactions in violation of Iranian sanctions and will pay more than $1 Billion to settle
Standard Charter Bank (SCB), a global financial institution headquartered in London, England, has agreed to forfeiture of $240 million, a fine of $480 million, and to the amendment and extension of its deferred prosecution agreement (DPA) with the Justice Department for an additional two years for conspiring to violate the International Emergency...
Continue reading…
2019-2024 Risks to World Economy Include Deceleration of Chinese and European Economies
Compiling a list of the top 10 global risks to the economy in 2019, the Economist Intelligence Unit is forecasting a number of active threats that could lead to a lack of stability and security. The EIU believes that these risks will grow worse before there is a chance of them getting...
Continue reading…
Chinese Windmill Company Pays Total of $57.5 Million to American SuperConducter Inc. After Software is Discovered Stolen
A Chinese company, Sinovel Wind Group Co., has been ordered to pay American SuperConducter Inc. (AMSC) $57.5 million after being convicted of multiple charges regarding the theft of proprietary software. This theft resulted in substantial losses for AMSC, including $800 million in revenue and $1 billion in stock market value. Today, the...
Continue reading…
New sanctions on Russian firms issued by U.S. Treasury over threats to undersea cables
As a result of Russia's increased interest in undersea cables which serve to operate the internet worldwide, the U.S. Treasury Department has placed two individuals and two companies on its sanctions list. It did so because they aided a Russian firm Divetechnoservices which helped improve Russia's underwater surveillance abilities by buying undersea equipment and...
Continue reading…
