Press Statement on U.S. Sanctioning of Kuo Oil

January 13, 2012

The US has sanctioned a Singapore-based company, Kuo Oil, under the US Comprehensive Iran Sanctions, Accountability and Divestment Act (CISADA) of 2010. CISADA carries wide ranging sanctions against Iran, specifically in the petroleum and energy sectors. This is domestic US legislation and these are unilateral sanctions imposed by the US on individuals and companies for their dealings with Iran which are above and beyond the sanctions imposed by the United Nations Security Council (UNSC) which are mandatory on all UN members.

At this juncture, we do not have sufficient information to comment on the specific case at hand. However, in general we are not in a position to enforce the laws of other countries. But we expect that given the importance of the US in the world economy, companies with dealings with countries subject to unilateral US sanctions will take notice of this case and make their own calculations in the light of their own commercial interests.

Singapore takes a serious view of the need to deal with the proliferation of Weapons of Mass Destruction. The proliferation of any kind of Weapon of Mass Destruction poses an existential threat to a small, city state. 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 extend our full cooperation within our laws to other countries in this common endeavour.