Oil industry software companies are ‘at risk’ from sanctions

Oil industry Software companies are at risk of being sanctioned under the Iran deal, according to a report.

Oil industry software and services providers such as Cisco Systems and Microsoft have been hit with sanctions for alleged support of Iran’s ballistic missile programme and its sponsorship of Hezbollah, the Lebanese Shia militant group, according the Global Times.

The Global Times, a Beijing-based newspaper, said on Friday that the sanctions would be triggered if oil companies do not remove software from their networks that supports the ballistic missile and chemical weapons programmes.

It is the second time the US has been accused of targeting oil industry companies for alleged Iran links, following the first case in February.

The US Treasury Department said last month that US sanctions against companies that have supported Iran were in place on technical grounds, but the companies were still allowed to continue doing business with the US.

The Treasury Department in a statement said the Treasury Department was “continuing to investigate the nature of the alleged support for Iran’s missiles and chemical capabilities” and would “conduct a comprehensive review of sanctions” if it concluded the US was “sufficiently concerned”.

It said the investigation “is focused on the development and sale of commercial software products and services to US firms, including oil and gas companies, that have significant involvement in Iranian missile technology”.

The Treasury said that sanctions against the companies have been targeted “against individuals, companies, or entities with significant ties to the Iranian regime”.