Two Companies Face No Penalties After Disclosing Potential Sanctions Violations

Two companies said they didn’t face any penalties from the Office of Foreign Assets Control after disclosing potential sanctions violations, according to their most recent SEC filings. Baker Hughes, an American oil services company, said it received a “cautionary letter” from OFAC after voluntarily disclosing potential sanctions violations last year. The company said it told OFAC in September that some of its non-U.S. affiliates may have received payments subject to certain sanctions and debt restrictions and that had U.S. touch points. Baker Hughes received a warning letter from OFAC in February, the company said. The company said it’s still being investigated by the SEC (see 2103040065). Semrush Holdings, a Boston software company that disclosed potential sanctions violations last year (see 2103190020), said it won’t face any penalties from OFAC. The agency “decided not to pursue any enforcement action against us and the matter has been closed,” Semrush said.