This post was also written by Gautam Bhattacharyya.
In June 2013, Secretary of State John Kerry issued a statement announcing that Singaporean financial institutions would be temporarily exempt from U.S. sanctions under Section 1245 of the National Defense Authorization Act. Singapore, and eight other countries, qualified for the exceptions because they reduced their volume of crude oil purchases from Iran. In September, a free trade agreement (“FTA”) between the Gulf Cooperation Council (“GCC”) and Singapore became effective and immediately granted zero-tariff treatment to all GCC imports. The FTA’s entry into force will likely increase trade activity in a number of sectors, including the petrochemical industry. So what does this mean for the enforcement of U.S. sanctions in Singapore?
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