US Lifts Sanctions Against Belarussian Oil Firm

US Lifts Sanctions Against Belarussian Oil FirmUS Lifts Sanctions Against Belarussian Oil Firm

The United States has removed sanctions against Belorusneft, a state-owned Belarussian energy company, imposed in 2011 for its involvement in the Iranian petroleum sector, the US government said, Reuters reported.

"The Secretary of State has decided to terminate sanctions imposed on Belorusneft, on the basis that the company is no longer engaging in sanctionable activity," the US government said.

The US State Department imposed sanctions on Belorusneft after it entered into a $500 million contract with NaftIran Intertrade company in 2007 for the development of Iran's Jofeir oilfield.

The Iran Sanctions Act requires sanctions be imposed on firms that make certain investments over $20 million in Iran.

The sanctions barred Belorusneft from receiving aid from the US Export-Import Bank, from obtaining US government export licenses, from getting private US bank loans of more than $10 million in any 12-month period and from winning US government contracts.