An Indian company has agreed to pay $275 million to settle allegations that it purchased Iranian liquefied petroleum gas (LPG) in violation of U.S. sanctions, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced Monday.

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Adrianne Appel writes regulatory news, policy, and trends for Compliance Week. She previously reported about policy developments for Bloomberg Law and Bloomberg Government. Email: adrianne.appel@complianceweek.com LinkedIn:...