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World Wide Sires

World Wide Sires

Industry: 
Agriculture
Country: 
USA
Sources: 

Over the last three presidential administrations, the United States government has granted World Wide Sires 42 special licenses to do business in Iran. (New York Times, "Companies with Permission to Bypass Sanctions," 12/24/10)

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"World Wide Sires, an artificial insemination cattle embryo and semen cooperative, received multiple licenses to sell bull semen and other products in Iran and Sudan. This license authorized the company to receive payment under a letter from the Iranian Bank of Mellat and its subsidiary Persia Bank. This, even though the United States government had placed the banks on a special sanctions blacklist for facilitating the movement of millions of dollars for Iran's nuclear program. The company argued that the transaction should be allowed to proceed because the letter of credit was signed before the Oct. 25, 2007, blacklisting of the banks. OFAC said it granted the license because it authorized funds to be removed from Iran for the benefit of a United States exporter, which otherwise would not have been compensated for an authorized export to Iran, an outcome the agency said it believed was unjust." (New York Times, "Licenses Granted to U.S. Companies Run the Gamut," 12/24/10)