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U.S. fines oilfield company 100 mln USD over sanctions violations

WASHINGTON, Nov. 26 (Xinhua) -- A Swiss-based oilfield services company has agreed to pay 100 million U.S. dollars to settle its potential liability for violations of U.S. sanctions on Iran, Sudan, and Cuba, U.S. Treasury Department said Tuesday.

The Treasury Department accused Weatherford International of conducting oilfield business with Iran, Sudan and Cuba, an " egregious" action that compromised U.S. sanctions, the Department said in a statement.

As part of a combined 100-million-dollar settlement with several federal government bodies, Weatherford International and its subsidiaries and affiliates will pay 91 million to U.S. Treasury Department, the largest ever settlement outside of the banking industry in the United States.

"Today's action underscores our deep commitment to target those who seek to violate our sanctions," said Adam J. Szubin, director of Treasury's Office of Foreign Assets Control.

From 2003 to 2007, Weatherford conducted extensive oilfield services business in Iran that totaled 23 million U.S. dollars, according to the Treasury statement. Its business with Sudan and Cuba totaled about 69.5 million dollars.

Under the settlement agreement, Weatherford is required to undergo external audits of its efforts to comply with relevant U.S. sanctions law for calendar years 2012, 2013, and 2014.