US Sanctions Venezuela, Others Over Iran Trade

Law360, New York (May 24, 2011, 7:00 PM EDT) -- The U.S. Department of State penalized seven companies on Tuesday, including Venezuela's state-owned oil company, for supplying energy products to Iran despite U.S. sanctions limiting trade with the country because of its nuclear program.

The penalties — which largely ban the companies from engaging in certain transactions in the U.S., largely banking and property activities — mark the first time the federal government has sanctioned companies for trade related to refined petroleum since the Iran sanctions law was amended in 2010.

Deputy Secretary of State James...
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