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US lifts Iran related sanctions on 3 shipping companies

The Obama administration is lifting sanctions it imposed on three companies two years ago for helping Iran to ship oil in violation of U.S. law. The State Department said Friday that the sanctions were being dropped because the firms had given assurances that they will not again engage in such activity. The companies — Singapore’s Tanker Pacific Management, Monaco’s Société Anonyme Monégasque D’Administration Maritime Et Aérienne and Liberia’s Allvale Maritime Inc. — had been involved in a 2010 transaction that provided a tanker worth $8.65 million to Iran’s state shipping line, a deal that violated the Iran Sanctions Act. The initial announcement of sanctions for the tanker transfer was unusual because it targeted an Israeli firm, which strenuously denied any involvement. The State Department later amended the sanctions list to make clear that the Israeli firm had not been a party to the transaction.