Two Singapore companies sanctioned by US for their dealings with Iran

Two Singapore companies sanctioned by US for their dealings with Iran
Vessels sail past Malta-flagged Iranian crude oil supertanker "Delvar" (L) anchoring off Singapore in this March 1, 2012 file photo. The United States exempted Japan and 10 EU nations from financial sanctions because they have significantly cut purchases of Iranian crude oil, but left Iran's top customers China and India exposed to the possibility of such steps. The decision announced on March 20, 2012 is a victory for the 11 countries, whose banks have been given a six-month reprieve from the threat of being cut off from the U.S. financial system under new sanctions designed to pressure Iran over its nuclear program.

SINGAPORE - The US has sanctioned two Singapore-based companies, Mid Oil Asia Pte Ltd and Singa Tankers Pte Ltd for their dealings with Iran.

These unilateral sanctions imposed by the US are part of their domestic legislation on individuals and companies for involvement in evading US sanctions against Iran and for providing support for Iran's nuclear programme.

They are above and beyond the sanctions imposed by the United Nations Security Council (UNSC) which are mandatory on all UN members.

In a statement to the media on Friday, Singapore's Ministry of Foreign Affairs (MFA) said that the Singapore government currently does not have "sufficient information to comment on the two specific companies and their involvement with Iran".

However, MFA stressed the importance of the US in the world economy, and expects companies with dealings with countries subject to unilateral US sanctions to make their own calculations and decisions based on how this might impact on their own commercial interests.

"Singapore takes a very serious view of the need to deal with the proliferation of Weapons of Mass Destruction which poses an existential threat to a small city state like us.

"As such, Singapore has given full effect in our own domestic legislation to the measures prescribed by the UNSC and will continue to take action against individuals and companies that flout UNSC resolutions.

"We will also extend our full cooperation within our laws to other countries in this common endeavour."

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