Republican Kansas Senator and signatory to Sen. Tom Cotton (also R-Kansas)'s now-infamous "Iran letter," Jerry Moran owns a significant amount of stock in oil and gas companies that have done business with the country, at times criminally in violation of US sanctions.
In 2012, Moran issued
an official statement about furthering economic sanctions against Iran, decrying the country as a supporter of terrorism and a danger to national security:
"Iran’s pursuit of nuclear weapons is one of the greatest dangers to global stability and the security of the United States we face today...The Iranian regime has a history of supporting terrorism and threatening the United States and our allies. The world cannot allow such a regime to possess the most destructive weapons known to man."
Despite this hard line, Moran owns between $45,000 and $150,000 of stock in three energy companies, Chevron, Halliburton, and Schlumberger, that have done or attempted to do business with Iran. Moran's holdings in the companies total between 9% and 10% of the total assets reported on his
most recent financial disclosure.
Two of the companies' activities were violations or potential violations of the federal prohibition against US businesses transacting with Iran. The third company's activities were routed through an offshore subsidiary, violating the spirit of the sanctions, though not the black letter law.
Yesterday it was revealed that Schlumberger, the world's largest oil-fields services company, will plead guilty "for conspiring to violate the International Emergency Economic Powers Act." From
Business Insider:
According to court documents, a Schlumberger business unit disguised and approved capital expenditure requests from both countries, transferred drilling equipment, and provided technical support – all of which violate the act. The unit was called 'Drilling & Measurements' (D&M) and earned around $77.5 million from its operations in both countries between February 2004 and June 2010.
Oil and gas behemoth, Halliburton skirted sanctions violations by operating in Iran through a foreign subsidiary. The company eventually pulled out of the country citing a "
poor business environment" but would return if US legislation changed.
Finally, Wikileaks revealed Chevron's communications with the Iranian government about developing an oilfield, which would have violated US sanctions. From
International Business Times:
The [Prime Minister] said he is currently in negotiations with Chevron to develop various oilfields to include a cross-border oilfield with Iran. The [Prime Minister] claimed that Chevron had told him that it had already raised the issue of a cross-border development with Tehran as well.”