US Lifts Sanctions on Italian Firm Penalized for Trading with Iran
TEHRAN (Tasnim) – An Italian company penalized for what Washington says is violating US sanctions on Iran has been taken off the United States’ sanctions list, media reports said.
The Obama administration announced the removal of sanctions on Dettin Spa on November 19, The Washington Free Beacon reported on Tuesday.
Dettin Spa, a textile and chemical company that still has a presence in Iran, was sanctioned by the United States in August 2014 for “knowingly providing Iran’s petrochemical industry with goods and support whose value exceeded $250,000,” according to a statement issued by the Treasury Department at the time.
At the beginning of 2012, the United States and the European Union imposed sanctions on Iran’s oil and financial sectors with the goal of preventing other countries from purchasing Iranian oil and conducting transactions with the Central Bank of Iran.
But the sanctions era seems to be waning after Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) finalized a nuclear deal dubbed as the Joint Comprehensive Plan of Action (JCPOA) on July 14 in the Austrian city of Vienna.