We say to Singapore Banks, shippers to expect more Iran print

(Bloomberg)-The financial and maritime sectors of Singapore should expect the Trump administration to increase the pressure on Iran’s oil industry and on Chinese buyers of the country’s RU, the US Treasury officials told bankers and shipping managers late last week. In the meetings with managers and banks of the company, Treasury officials emphasized that Washington would not alleviate sanctions against Tehran, according to people who were present during the discussions or were directly informed by their businesses. They asked not to be mentioned as the exchanges are private. Instead, officials emphasize our attention to smaller, private refineries in the eastern Shandong province in China, the most important buyers of Iran’s oil. They warned that more fines could be added, people said. Enforcement remains a major challenge for Washington in a region where few countries recognize unilateral US sanctions – but major financial institutions and any major shipping player will be eager to prevent you from becoming entangled in the US sanctions. Last week’s discussions come to a cascade of US sanctions against vessels and trade companies working with Tehran. Last month, the first move sanctioned to a Chinese private refinery. Shandong Shouguang Luqing Petrochemical Co., Ltd. Bought Iranian oil worth about $ 500 million, the Treasury division said in a statement at the time. They are also just as the US and Iran negotiate the nuclear program of Tehran. The White House and Iranian officials said the indirect talks were “constructive” over the weekend, although the US side also described the issues at stake as ‘very complicated’. US officials have previously visited Singapore, Asia’s oil trading center and neighbor Malaysia in an effort to strengthen US sanctions against Iran and to fund its curbs on Russia’s ability to fund its war in Ukraine. The latest visit also included a stop in Hong Kong, people said. The US Embassy in Singapore did not immediately respond to ‘Ne post commenting. The Trump administration has repeatedly said that it wants to exert “maximum pressure” on Iran and intensifying the enforcement, and trying to force the government of Tehran to abandon uranium enrichment and to repel help for the power environment. More stories like these are available on Bloomberg.com © 2025 Bloomberg LP first published: 14 Apr 2025, 03:17 IST