Ferland Company Limited

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"Ferland Company Limited was designated today pursuant to E.O. 13645 for providing material support to NITC.  Representatives from Ferland Company Limited and NITC were involved in the ship-to-ship transfer of Iranian crude oil in March 2013.  Ferland Company Limited facilitated deceptive transactions for or on behalf of NITC.  Treasury previously imposed sanctions on Ferland Company Limited pursuant to E.O. 13608, which targets foreign sanctions evaders, for facilitating deceptive transactions for or on behalf of NITC.  The Department of State also imposed sanctions on Ferland Company Limited pursuant to the Iran Sanctions Act, as amended." (U.S. Department of Treasury, "Additional Treasury and State Designations Targeting Networks Linked to Iranian WMD Proliferation and Sanctions Evasion," 12/12/13) (http://www.treasury.gov/press-center/press-releases/Pages/jl2241.aspx)

"The Treasury Department also on Friday imposed sanctions on Ferland Company Limited, which is based in Cyprus and Ukraine. The U.S. administration believes Ferland helped the National Iranian Tanker Company (NITC) evade oil sanctions. Ferland did not have an immediate comment. The Treasury Department said that on March 13 Ferland and the NITC cooperated in a scheme involving a vessel controlled by Dimitris Cambis to sell Iranian crude oil and evade Western sanctions. In March, Washington sanctioned Cambis, a Greek businessman, and said he had secretly operated a shipping network on behalf of Iran to circumvent sanctions." (Reuters, "U.S. imposes sanctions on Iran's petrochemical industry," 5/31/2013)  (http://www.reuters.com/article/2013/05/31/us-usa-sanctions-iran-idUSBRE94U13A20130531)

"The U.S. Treasury Department said that it and the State Department placed sanctions on Cyprus and Ukraine-based Ferland Company Ltd. for facilitating deceptive transactions on behalf of the National Iranian Tanker Co., which was named in July 2012 as an entity of Iran’s government. In March 2013, Ferland and the NITC schemed to help Tehran evade sanctions by helping sell Iranian crude in a plan that also involved a vessel owned by Dimitris Cambis, Treasury said. Cambis, a Greek businessman, was placed under sanctions in March, but he denies the allegations. The scheme involved ship-to-ship transfers between three oil tankers, the details of which were arranged by a manager at NITC and a Ferland representative, Treasury said. Ferland later furnished a false certificate of origin, saying the crude was from Iraq, Treasury said. When sanctioning Ferland, Treasury said it used, for the first time, an authority for targeting those that help Iran or Syria evade sanctions. The State Department sanctions prohibit visas for Ferland corporate officers, loans from U.S. financial institutions, and financial and foreign exchange transactions under U.S. jurisdiction." (The Wall Street Journal, "US Uses Iran Sanctions Evader Authority for First Time," 5/31/2013)  (http://blogs.wsj.com/riskandcompliance/2013/05/31/us-uses-iran-sanctions-evader-authority-for-first-time/)