35349
Singapore Lifts Financial Restrictions
Economy, Business And Markets

Singapore Lifts Financial Restrictions

Singapore has reversed its prohibition on transactions with the Iranian government and financial Institutions as of January 28, the Monetary Authority of Singapore said this week, platts.com reported.  

The ban has been in force since June 2012, following western sanctions against Iran's nuclear program.

Restrictions were applied to all financial institutions and individuals banning them from doing business with the Iranian government, its central bank, financial institutions and their affiliates.

Sanctions had stopped financial institutions in Singapore from, directly or otherwise, entering into, continue to participate in, arrange or facilitate any transaction or business relationship with Iran.
In January 2012, Singapore's Foreign Ministry had also encouraged local firms to take note of the US' tight sanctions against individuals and companies dealing with Iran, although the US sanctions went beyond United Nations rulings and are not enforceable within the city state itself.

Top Refiner
This came after local oil firm Kuo Oil was rapped by the US for its business ties to Iran.

Singapore is a major oil trading and refining hub with about 1.3 million b/d of refining capacity and the oil industry makes up 5% of its GDP. It is also the world's top bunker fuel market by volume and relied on Iran for 6% of its total fuel oil imports between 2007 and 2011.

After more than a year of no reported imports from Iran, fuel oil began flowing again into Singapore in April 2012.

Prior to that, Singapore imported 362,448 tons of fuel oil from Iran in the week ended February 9, 2011.

Singapore's lifting of the ban followed a similar move on January 16 by the European Council, while the US removed sanctions, including a ban on commodities trade for non-US citizens who will now be allowed to trade with Iranian government institutions and sell goods and services.

Japan on January 22 lifted its key sanctions against Iran, including bans on making new investments in the oil and gas sector using export credits.

Short URL : https://goo.gl/q7M0UJ
  1. https://goo.gl/pKuoF3
  • https://goo.gl/6G1Lhu
  • https://goo.gl/4drA7f
  • https://goo.gl/dDiq4a
  • https://goo.gl/l7NjfA

You can also read ...

President Rouhani Officially Inaugurates Tabriz 2018
A glittering ceremony attended by President Hassan Rouhani was...
E-Jing GT electric sports car concept
The Beijing International Automotive Exhibition is a barometer...
Audi Recalling 1.16 Million Vehicles
Volkswagen AG’s luxury unit Audi said on Tuesday that it was...
Bank Branches Shrink
Iranian banks have shrunk by 0.3% in the previous quarter...
While Iran currently produces about 400,000 tons per year of aluminum, consumption is around 600,000 to 700,000 tons.
Iran is on track to launch a new aluminum smelter early next...
In its meeting on Tuesday, the Money and Credit Council, headed by CBI Governor Valiollah Seif, approved further cuts to interest rates levied on Housing Savings Account.
Iran's highest financial decision-making body has approved...
A host of high-level officials, including several ministers, CBI Governor Valiollah Seif and two deputies of President Hassan Rouhani were present at the meeting on April 25. 
Iran’s First Vice President Es’haq Jahangiri on Wednesday...
Pensions Account for Biggest Share of Treasury Payments
Payments to the Civil Servants Pension Organization accounted...

Trending

Googleplus