Risky Business: Italian Firm Promotes Iranian Ties, Disregards For U.S. Sanctions Regime

Boldrocchi Holds Contracts In Both U.S. And Iran

(New York, N.Y.) – United Against Nuclear Iran (UANI) has documented nearly $20 billion in fines against 535 companies and individuals since 1997 who have done business in Iran. For many of these entities, these penalties have been enough to deter even the suspicion of doing so again. Others, however, do not appear to appreciate the gravity of their situation, nor the risks they are assuming.

Since at least 2017, the Milan-based Boldrocchi Group has ignored repeated warnings from UANI about the risks inherent in doing business with  the Islamic Republic. Most recently, UANI alerted Boldrocchi that it appears on the so-called “approved vendor” lists maintained by Iranian sanction-designated and state-owned entities or their subsidiaries  including the National Petrochemical Company, the National Iranian Gas Company, and the National Iranian South Oil Company, a subsidiary of the sanctioned National Iranian Oil Company—which is linked to the Islamic Revolutionary Guard Corps (IRGC). 

UANI has also previously documented that Boldrocchi was an advertised participant in the 2017 and 2019 Iran Oil Show in Tehran alongside entities designated by the U.S., including at least one sanctioned by the U.S. Treasury Department for its ties to the Islamic Revolutionary Guard Corps (IRGC) terrorist organization. Further, as recently as 2018 the company has boasted that it has been in the Iranian market since 1999 and that Iran’s oil market was “becoming more attractive every year.”

“Boldrocchi leaders do not seem to understand the immense risk that breaking U.S. sanctions poses to the company, its employees, and U.S.-Italian bilateral relations. Boldrocchi’s disregard for U.S. sanctions is serious cause for concern because other European businesses are surely paying close attention to whether the company is held accountable,” said UANI Research Director Daniel Roth.

Against the backdrop of ongoing nuclear negotiations that may result in the U.S. lifting both nuclear and non-nuclear economic sanctions against Iran, the company has shown that it feels comfortable openly flouting its disregard for the threat of secondary sanctions.

According to Boldrocchi’s own website, the company is supporting at least two Iranian power plant projects with air intake and exhaust systems. At the same time, Boldrocchi says it is engaged in projects supporting LNG facilities in Texas and Louisiana. This puts its U.S. interests in jeopardy and after repeated communiques from UANI, Boldrocchi officials cannot continue to feign ignorance.

Boldrocchi Webpage, “Ongoing Projects [Global View],” accessed February 10, 2022

“Aside from its own announcements and information showing Iran dealings on its own website, Boldrocchi has not denied its repeated participation in the Iran Oil Show, has not disavowed its appearance on the ‘approved vendor’ list for sanctioned and state-owned Iranian entities,” Roth added.