Shipping Co. Settles OFAC Iran Sanction, Fuel Supply Claims

Law360, New York (April 01, 2014, 3:39 PM ET) -- GAC Shipping USA Inc. has reached a deal with regulators to resolve claims that it provided fuel to an Iranian shipping vessel in violation of U.S. sanctions, the U.S. Treasury Department 's Office of Foreign Assets Control said Monday.

OFAC said GAC Shipping, on behalf of its Houston-based business unit GAC Bunker Fuels USA LLC, agreed to pay $157,500 to settle its potential civil liability for apparently violating the Iranian Transactions and Sanctions Regulations. The potential violation involved a 2008 transaction that occurred in Brazil, in...
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