Today, the United States is lifting sanctions applied almost two years ago to Tanker Pacific Management (TPM), Société Anonyme Monégasque D’Administration Maritime Et Aérienne (SAMAMA), and Allvale Maritime Inc. (AMI), under the Iran Sanctions Act (ISA). All three companies have been engaged in extensive consultations with the State Department and have provided reliable assurances that they will not knowingly engage in such sanctionable activity in the future.
The three companies were sanctioned in May 2011 for their respective roles in a September 2010 transaction that provided a tanker valued at $8.65 million to the Islamic Republic of Iran Shipping Lines (IRISL), an entity that has been designated by the United States and the European Union for its role in supporting Iran's proliferation activities. Since sanctions were applied, these companies have taken significant steps to ensure that their operations are in compliance with U.S. sanctions law and policy, and have provided reliable assurances that they will not knowingly engage in such sanctionable activity in the future. As a result, the Secretary of State has decided to lift sanctions at this time.
Sanctions are essential to changing the Iranian regime’s calculus on its nuclear program and have had a powerful impact on Iran’s economy. By making significant changes to their operations and adjusting their behavior, TPM, SAMAMA, and AMI have demonstrated the success that sanctions can have at deterring irresponsible conduct.