The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) today announced a settlement with Nordgas, S.r.l., a company located in Italy that produces and sells components for gas boiler systems and applications. Nordgas, S.r.l. agreed to remit $950,000 to settle its potential civil liability for apparent violations of the Iranian Transactions and Sanctions Regulations. Over an approximately four-year period, Nordgas knowingly reexported 27 shipments of air pressure switches procured from a U.S. company intended for as many as ten customers in Iran and caused a U.S. company to indirectly export its goods to Iran. In doing so, Nordgas obfuscated the reexportation and Iranian customers from the U.S. company. In view of the individual facts of this case, as well as Nordgas’s financial circumstances, its cooperation with OFAC, and its agreement to implement enhanced compliance commitments, $650,000 of the settlement amount will be suspended pending satisfactory completion of Nordgas’s compliance commitments. For more information, please visit the following web notice.