US State Department lifts Belorusneft sanctions
The US government lifts sanctions that were imposed in 2011 for a contract with the NaftIran Intertrade to develop the Jofeyr field in Iran.
The US State Department lifted sanctions against Belorusneft, which were in place from March 29, 2011, BelaPAN reports. The corresponding decision signed by Assistant Secretary for Economic and Business Affairs Kurt Tong was published in the Federal Register.
The sanctions were imposed in March 2011 in connection with the contract of Belarusian enterprises with the Iranian company NaftIran Intertrade. There is in the USA the Iran sanctions Act of 1996, introduced for failure to comply with international obligations on its nuclear program. In this regard, the sanctions hit the Belarusian enterprises as well.
In particular, the State Department found that in 2007 Belorusneft concluded with the Iranian company NaftIran Intertrade Company a contract for $500 million to develop a Jofeyr oil field.
Now, as noted in the State Department, Belorusneft is no longer engaged in activities which fall under the sanctions, and there is a guarantee that it will not engage in such activities in the future.
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