By Maya Lester KC & Michael O’Kane

OFAC fines National Oilwell Varco for sanctions violations

OFAC has fined US firm National Oilwell Varco (NOV), and its subsidiaries Dreco and Elmar, $5,976,028 in settlement of their civil liability for allegedly violating US sanctions on Iran, Cuba, and Sudan.  The settlement is concurrent with a settlement agreement between NOV and the Department of Commerce, and a Non-Prosecution Agreement (NPA) with the US Attorney’s Office for the Southern…...

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About Michael O'Kane

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Michael is Senior Partner at Peters & Peters Solicitors LLP. He has acted in many of the most high profile and sensitive business crime cases of the last 25 years, at Peters &...

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