Pressuring Oil And Fuel Cos. To Stop Iran Business

Law360, New York (November 14, 2011, 12:55 PM EST) -- The U.S. government has ramped up its enforcement of economic sanctions on Iran by levying penalties on non-U.S. companies.

In May, the government imposed penalties on Petroleos de Venezuela (PDVSA), Tanker Pacific Management Ltd. (Singapore) and two entities within the Ofer Brothers Group shipping organization for engaging in transactions related to refined petroleum with Iran. These companies have been barred from obtaining any significant U.S. bank or Export-Import Bank financing and, in the case of PDVSA, from obtaining U.S. government contracts.

These actions follow a recent...
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