- U.S. oilfield services company pays $25 million for violations involving senior managers.
- Aggressive enforcement continues even though restrictions have been eased.
- It can take a long time to settle violations of U.S. sanctions and export issues.
Lest U.S. companies think that Cuba and Iran are entirely open for business, a U.S. government settlement announced earlier this month with National Oilwell Varco, Inc. (NOV), a U.S. oilfield services company, will serve as a stark reminder both of existing restrictions and – especially – the U.S. government’s intent to enforce those restrictions aggressively. (Even if doing so takes a long, long time.)
Bass, Berry & Sims’ Government Contracts & International Trade blog features news, commentary and insight on the demanding and ever-changing regulatory environment of contracting with federal, state and local governments, and international trade issues when conducting a global business.