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Treasury Department Prohibits Transactions with Iranian National Oil Company
By Matt Squire
printThe U.S. Treasury Department added Iran's national oil company and its subsidiaries to its list of Iranian-owned entities Wednesday, effectively prohibiting most transactions with the companies. The department added National Iranian Oil Co. (NIOC) and its Naftiran Intertrade Company Ltd. and Naftiran Intertrade Co. Sarl, subsidiaries to its Iranian Transactions Regulations list, marking the first time a non-financial Iranian company was added. U.S. financial institutions may not process most transactions for those included on the list but are not required to freeze assets. The designation by the department's Office of Foreign Assets Control (OFAC) is a striking move given the...
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