Archive for the ‘IEEPA’ Category

Schlumberger Oilfield Holdings to Pay Over $232.7 Million for Violating U.S. Iran and Sudan Sanctions

2015/04/27

By: Brooke Driver

Schlumberger Oilfield Holdings, Inc., a subsidiary of Schlumberger Ltd., recently pleaded guilty to multiple violations of the International Emergency Economic Powers Act. According to Assistant Attorney General Carlin,

“Over a period of years, Schlumberger Oilfield Holdings, Inc. conducted business with Iran and Sudan from the United States and took steps to disguise those business dealings, thereby willfully violating the U.S. economic sanctions against those regimes…The International Emergency Economic Powers Act is an essential tool that the United States uses to address foreign threats to national security through the regulation of commerce. Knowingly circumventing sanctions undermines their efficacy and has the potential to harm both U.S. national security and foreign policy objective.”

U.S. Attorney Machen added,

“This is a landmark case that puts global corporations on notice that they must respect our trade laws when on American soil…Even if you don’t directly ship goods from the United States to sanctioned countries, you violate our laws when you facilitate trade with those countries from a U.S.-based office building.”

Along with a three year corporate probation, the company must pay a fine of $232,708,356, consisting of a $77,569,452 criminal forfeiture and a $155,138,904 criminal fine—the largest criminal fine ever assigned in connection with an IEEPA prosecution.