US imposes sanctions on Ofer Brothers

The State Department alleges that Ofer Brothers Group sold Iran a tanker in September 2010.

Ofer Brothers Group. has received a major blow after the US State Department imposed sanctions on seven foreign companies including the Herzliya based company.

The US State Department alleges that the companies violated US administration sanctions against Teheran by assisting the Iranian energy sector. A statement from the US administration said, "This is the first time that sanctions are being imposed on the oil refining sector. By imposing these sanctions we are sending a clear message to companies worldwide. Those who continue to support the Iranian energy sector and to assist Iran and ignore the sanctions imposed on it will be punished and will face the results of their deeds."

Ofer Brothers Group is being charged with selling a tanker to the Iranian shipping company IRISL in September 2010 for $8.65 million.

As part of the penalty, the seven foreign companies will be ineligible for funding from the US Export and Import Bank, will not be able to take loans of more than $10 million from US financial institutions, or receive US export licenses.

A spokesman for Ofer Brothers Group denied the charges. He said, "We have never sold ships to Iran. Official State of Israel sources and documents will fully confirm what we are saying."

Published by Globes, Israel business news - www.globes-online.com - on May 25, 2011

© Copyright of Globes Publisher Itonut (1983) Ltd. 2011

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