November 16, 2016
On November 14, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) imposed a fine of $5,976,028 on the U.S. based multinational National Oilwell Varco and its subsidiaries Dreco Energy Services and NOV Elmar.
According to OFAC’s enforcement report, “Between 2007 and 2009 Dreco engaged in 45 transactions totaling $1,707,964 involving the sale of goods to Cuba,” while “Between 2007 and 2008, Elmar engaged in two transactions totaling $103,119 involving the sale of goods or services to Cuba.”
This is the fourth fine imposed by the OFAC this year, in compliance with the regulations of the blockade against Cuba.
Despite measures taken by the administration of Barack Obama to modify the application of certain aspects of the blockade, as well as calls made to Congress to definitively lift the policy, agencies responsible for implementing this policy of economic harassment continue to impose million dollar fines.
The fine only serves to generate more concern among economic institutions interested in engaging with Cuba, and clearly demonstrates that the blockade continues to harm the Cuban economy.