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U.S. ends Iran-related sanctions on 3 maritime firms

Published: Updated:

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 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, which violated the Iran Sanctions Act.

The initial announcement of sanctions was unusual because it targeted an Israeli firm, which denied involvement. The State Department amended the sanctions list to make clear that the firm had not been a party to the transaction.