“Iran increasingly turning to buyers in East Asia to sell its petrochemical and petroleum products, in violation of US sanctions,” Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian Nelson said in a statement. “The United States remains focused on targeting Tehran’s sources of illicit revenue, and will continue to enforce its sanctions against those who wittingly facilitate this trade.”
The US sanctioned three firms in Singapore and Malaysia for their roles in allegedly facilitating the sale and shipment of millions of dollars worth of petroleum and petrochemicals on behalf of a company with known connections to Iran.
Singapore is an important hub for the oil and gas trade and from time to time, reports have surfaced of local companies helping countries like Iran and Russia evade US sanctions. The latest move comes as demand for oil storage tanks has soared in the city-state, in a sign that a flood of Russian fuel is being blended and re-exported globally.
