WASHINGTON (Pakistan Point News / Sputnik - 16th March, 2021) Machine control instruments producer UniControl Inc. has settled the case of violating US sanctions against Iran and will pay a fine in the amount of $216,464, the US Department of the Treasury's Office of Foreign Assets Control said in a release today.
"The US Department of the Treasury's Office of Foreign Assets Control (OFAC) today announced a settlement with UniControl, Inc., a Cleveland, Ohio-based company that manufactures process controls, airflow pressure switches, boiler controls, and other instrumentation. UniControl agreed to remit $216,464 to settle its potential civil liability for apparent violations of the Iranian Transactions and Sanctions Regulations," the release said.
OFAC said between July 16, 2013 and March 25, 2017, UniControl exported to two European companies 21 shipments of air pressure switches for a total value $687,189 that were subsequently reexported to Iran.
OFAC significantly reduced the amount of the settlement from almost $5.5 million to $216, 464 after it determined that UniControl self-disclosed the sanctions violations, the release said.
