By Maya Lester KC & Michael O’Kane

OFAC $506k settlement with ZAG IP LLC for Iran sanctions violations

Yesterday (21 February), OFAC announced a $506,250 settlement with Connecticut-based ZAG IP LLC to settle its potential civil liability for 5 violations of the Iranian Transactions and Sanctions Regulations. Between July 2014 and January 2015, through 5 transactions, ZAG bought 263,563 metric tons of Iranian-origin cement clinker from a UAE company knowing that it was sourced from Iran. See OFAC…...

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About Maya Lester KC

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Maya Lester KC is a senior barrister (King’s Counsel) at Brick Court Chambers with a wide-ranging practice in public law, European law, competition law, international law, human...

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