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S&P Global reaches USD 82,500 settlement agreement with OFAC over sanctions violations

06 Apr 2022

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) on Friday (4 April) announced a $78,750 settlement with S&P Global, Inc. (S&P Global) a New York-based company that provides business information and financial analytics.

The settlement agreement is related to potential civil liability for apparent violations of the Ukraine-Related Sanctions Regulations, 31 C.F.R. part 589, specifically Directive 2 issued pursuant to Executive Order 13662 of March 24, 2014, “Blocking Property of Additional Persons Contributing to the Situation in Ukraine,” (“E.O. 13662”).

The apparent violations occurred between August 2016 and October 2017, when S&P Global and a company it acquired reissued and re-dated multiple invoices to continue to extend credit to JSC Rosneft (Rosneft), a state-owned Russian oil company, in violation of the debt and equity restrictions set forth under E.O. 13662.

“After reissuing and re-dating four invoices to extend the original payment dates, S&P Global ultimately accepted past-due payments totalling $82,500 from Rosneft,” stated OFAC.

“OFAC determined that S&P Global did not voluntarily self-disclose the apparent violations and that the apparent violations constitute a non-egregious case.”

 

Photo credit: AgnosticPreachersKid – Own work, CC BY-SA 3.0, https://commons.wikimedia.org/w/index.php?curid=9085019
Published: 6 April, 2022

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