Spokesman's Comments on the Significant Reductions of Iranian Crude Oil Purchases

June 12, 2012

"In response to media queries on the latest US press statement of 11 June 2012 regarding the significant reductions of Iranian crude oil purchases, Singapore would like to confirm that Singapore and the US are having constructive discussions on the import of Iranian crude oil and for an exception to the sanctions pursuant to Section 1245(d)(1) of the US National Defence Authorisation Act for Fiscal Year 2012. While Singapore enforces only UN Security Council sanctions, Singapore companies and financial institutions (FIs) know they must consider the impact of unilateral sanctions on their commercial decisions. The Monetary Authority of Singapore (MAS) has reminded the FIs that they should enhance their due diligence and monitor more closely Iran-related business transactions.

In the past two years, Iran represented only 1% of Singapore's total crude oil imports. In May 2012, no Iranian crude oil was imported into Singapore."