News Column

U.S. escalates enforcement of Iran sanctions

April 30, 2014

The United States added companies based in China and Dubai, and two Dubai-based executives, to its list of those evading sanctions on Iranian weapons, oil and banking transactions.

In a statement Tuesday from the Departments of Justice, State and Treasury, a $5 million bounty was also offered for information about Li Fangwei, a previous sanctions target charged with money laundering conspiracy, bank fraud and wire fraud. He is the owner of the eight Chinese companies previously described as fronts for supplying Iran with parts for ballistic missiles.

A Dubai company, Al Aqili Group LLC, and two men, Mohamed Saeed al-Aqili of Dubai and Anwar Kamal Nizami of Pakistan, were accused of "shady and deceptive oil deals with Iran," the statement said.

Any American property held by those sanctioned can be seized, and violators are banned from doing business in the U.S.

The announcement is the first significant enforcement of sanctions involving Iran in several months, dispelling the thought that U.S. relations with Iran are heading toward stabilization. Despite a recent thaw in relations, most restraints on Iran are still in place.

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: UPI International Top News

Story Tools Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters