OFAC and Zoltek reach $7.8m settlement over Belarus sanctions violations

Missouri-based holding company Zoltek Companies Inc, which owns US-based Zoltek Corporation and Hungary-based Zoltek Vegyipari ZRT, has agreed to pay $7,772,102 to OFAC for violating US sanctions on Belarus. Specifically, between January 2012 and October 2015, Zoltek Corporation approved 26 purchases of acrylonitrile, a chemical used in the production of carbon fibre, between Zoltek Vegyipari ZRT and JSC Naftan, a Belarusian entity which OFAC designated in August 2011 pursuant to Executive Order 13405. See OFAC Notice and Enforcement Information.