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OFAC reaches a settlement agreement with Zoltek

On 20 December 2018 the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced that it has settled with Zoltek Companies, Inc. (“Zoltek”) and its worldwide subsidiaries for $7,772,102.

From approximately January 2012 to October 2015, Zoltek, a holding company headquartered Bridgeton, Missouri, apparently violated the Belarus Sanctions Regulations, 31 C.F.R. part 548 on at least 26 occasions. A U.S. subsidiary of Zoltek, Zoltek Corporation, approved at least 26 purchases of acrylonitrile (a chemical used in the production of carbon fiber) between Zoltek Vegyipari ZRT (a Hungarian subsidiary of Zoltek) and J.S.C. Naftan, a Belarusian entity OFAC designated in August 2011.

Please follow the links below to read more about this case:

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