Singapore’s media and political circles were set abuzz by the decision of the Obama Administration not to include U.S.-friendly Singapore on the “clean list” of countries exempt from Iran oil sanctions by the White House on Monday, June 11th.
Here’s the deal: On June 11th, the Obama Administration exempted seven more governments to join Japan and the ten European states that had been absolved from the financial sanctions imposed on states that import crude oil from Iran. The sanctions are the first form of decisive action shown by the United States to combat Iran’s unwillingness to relinquish the nuclear power option that Tehran insists is strictly for domestic purposes. The states that have been exempted from financial sanctions were able to prove that they are importing significantly less crude oil from Iran.
Surprisingly, Singapore did not make the cut. Although its Foreign Affairs Ministry claims that only one percent of the city’s oil comes from Iran, and the country did not import any crude oil from Iran this May, they have not yet been granted an exemption. In fact, the government had put pressure on banks and oil companies to refrain from any commercial communication with Iran in the hope they will eventually abide by the embargo.
In the meantime, the Ministry of Foreign Affairs insists that it is currently working with the U.S. to satisfy its requests and obtain exemption from financial sanctions.
Here’s the deal: On June 11th, the Obama Administration exempted seven more governments to join Japan and the ten European states that had been absolved from the financial sanctions imposed on states that import crude oil from Iran. The sanctions are the first form of decisive action shown by the United States to combat Iran’s unwillingness to relinquish the nuclear power option that Tehran insists is strictly for domestic purposes. The states that have been exempted from financial sanctions were able to prove that they are importing significantly less crude oil from Iran.
Surprisingly, Singapore did not make the cut. Although its Foreign Affairs Ministry claims that only one percent of the city’s oil comes from Iran, and the country did not import any crude oil from Iran this May, they have not yet been granted an exemption. In fact, the government had put pressure on banks and oil companies to refrain from any commercial communication with Iran in the hope they will eventually abide by the embargo.
In the meantime, the Ministry of Foreign Affairs insists that it is currently working with the U.S. to satisfy its requests and obtain exemption from financial sanctions.
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