Singapore Oil Field Services Co. Settles Iran Sanctions Claims

By Kevin Penton (August 24, 2017, 3:45 PM EDT) -- A Singapore-based subsidiary of a Chinese oil field services company has agreed to pay $415,350 to settle claims that it violated U.S. sanctions against Iran by exporting oil rig supplies from the U.S. that allegedly ended up in Iranian territorial waters, the U.S. Treasury Department announced Thursday.

COSL Singapore Ltd., a subsidiary of China Oilfield Service Ltd., agreed to pay the money to settle its 55 alleged violations of the Iranian Transactions and Sanctions Regulations from October 2011 to February 2013, according to the announcement by the Treasury's Office of Foreign Assets Control.

OFAC determined that COSL Singapore used its own...

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