U.S. Lifts Iran Sanctions on Three Maritime Companies

By Gopal Ratnam

(Bloomberg) — The U.S. is lifting sanctions imposed in 2011 on three companies accused of doing business with Iran after they pledged not to pursue such activity in the future, the State Department said.

Tanker Pacific Management Pte Ltd., based in Singapore, Société Anonyme Monégasque D’Administration Maritime Et Aérienne, also known as Samama, of Monaco, and Allvale Maritime Inc. of Liberia were placed under sanctions for their roles in a September 2010 transaction that provided a tanker valued at $8.65 million to an Iranian shipping company, the State Department said today in a statement.

“Since sanctions were applied, these companies have taken significant steps to ensure that their operations are in compliance with U.S. sanctions law and policy, and have provided reliable assurances that they will not knowingly engage in such sanctionable activity in the future,” State Department spokesman Patrick Ventrell said in the statement. “As a result, the Secretary of State has decided to lift sanctions at this time.”

When the sanctions were imposed in May 2011, the U.S. prohibited American financial institutions from making loans or providing other credit exceeding $10 million in a 12-month period to each of the three companies.

Copyright 2013 Bloomberg.