U.S. removes sanctions on Belarusneft

Baku: The U.S. Secretary of State has decided to terminate sanctions imposed under the Iran Sanctions Act of 1996, as amended, on Republican Unitary Enterprise Production Association Belarusneft, APA reports quoting U.S. Government Publishing Office.

The U.S. Secretary of State decided to terminate the sanctions on the basis that the company is no longer engaging in sanctionable activity described in section 5 that this person has provided reliable assurances that it will not knowingly engage in such activities in the future.

Therefore, certain sanctions that were imposed on Belarusneft on March 29, 2011 are no longer in effect.

The sanctions on Belarusneft are lifted effective February 25, 2015.

SOURCE: AZERI PRESS NEWS AGENCY