US Official: Iran Hindered by Absence of Malaysia and Singapore in Shifting Sanctioned Oil

US official highlights Iran's struggle in transferring sanctioned oil due to the unavailability of Malaysia and Singapore. The absence of these key partners complicates Iran's efforts to navigate around international sanctions, impacting its ability to manage its oil exports effectively.

On Tuesday, the top sanctions official at the US Treasury Department stated that Iran's ability to transport its oil relies heavily on service providers situated in Malaysia. Oil transfers occur predominantly in the vicinity of Singapore and across the broader region, according to US observations.

Brian Nelson, the US Treasury's undersecretary for terrorism and financial intelligence, spoke during a four-day visit to Singapore and Malaysia, aimed at advancing efforts to combat financing and revenue generation by Iran and its affiliates, as stated by the department. The trip coincides with the Treasury's heightened attention to financing for militant groups in Southeast Asia, including fundraising and illicit Iranian oil sales.

As of my last update in January 2022, Hamas is designated as a terrorist organization by various countries and entities, including the United States, the European Union, Israel, and others.

Last December, the US Treasury sanctioned four Malaysia-based companies, alleging they were fronts aiding Iran's drone production. Nelson noted progress in sanctions and export controls against Russia, citing the effectiveness of the Russian oil price cap in curbing Moscow's oil sales profitability while maintaining global energy market stability. In Singapore, a key shipping hub, concerns arise regarding evasion of the Russian oil price cap, with maritime service providers finding it challenging to verify paperwork ensuring compliance with the $60 cap.

Source: scmp‍