US fines software company SAP $8m for breach of Iran sanctions

US prosecutors said on Thursday that software company SAP will have to pay $8 million in penalties after it acknowledged it illegally exported its products to Iran.

They said the German company would have faced stiffer penalties had it not voluntarily disclosed the activities, which breached US sanctions against Iran.

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The company agreed to the penalties as part of an agreement with the US departments of justice, commerce and treasury.

In a statement, SAP said it welcomed the resolution.

Several senior US diplomats will visit the Middle East in the next few days to update officials on indirect talks between Tehran and Washington, which are being enabled by third parties in Vienna.

President Joe Biden’s administration is considering a reversal of some of the most stringent sanctions imposed on Iran by former president Donald Trump.

It wants to bring Tehran back into compliance with the 2015 nuclear accord, which Mr Trump abandoned.

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The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.

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