Spokesman's Comments Regarding Singapore's Exception from the U.S. National Defence Authorisation Act Sanctions

June 29, 2012

In response to media queries on the latest US press statement of 28 June 2012 that Singapore has received an exception to the sanctions pursuant to Section 1245(d)(1) of the US National Defence Authorisation Act for Fiscal Year 2012, the MFA Spokesman said:

"We welcome the US' decision that sanctions pursuant to the US National Defence Authorisation Act will not apply, for the next 180 days, to financial institutions (FIs) based in Singapore, taking into account that since May 2012, no Iranian crude oil was imported into Singapore.

Notwithstanding this exception, Singapore companies and FIs know these unilateral sanctions still exist, and should continue to consider the impact of all such sanctions on their commercial decisions."