On 24 August, OFAC fined COSL Singapore $415k for oil exports to Iran.
- COSL Singapore is oilfield services company, subsidiary of China Oilfield Service.
Alleged Violations
- Firm agreed to pay $415k fine, to settle 55 violations of Iranian trade sanctions.
- COSL has exported, or tried, 55 orders of oil rig supplies, from US to Singapore.
- COSL Singapore provided oil rigs and rig crews to third-party drilling companies.
- Receipts from US vendors included language warning that any such goods could
not be shipped or reexported to countries if subjected to US economic sanctions. - Through UAE, and then re-export, or try to re-export supplies to Iranian oil rigs.
Factors in Sanctions
- Failed to exercise a minimal degree of caution when it exported to export goods.
- Export of equipment to oil rigs aided in development of Iran’s energy resources.
- COSL Singapore did not voluntarily self-disclose the apparent violations to OFAC.
