US OFAC imposes sweeping sanctions on entities facilitating Iranian oil and petrochemical trade.

The US Office of Foreign Assets Control (OFAC) has sanctioned 60 entities, including Singapore-based individuals Mansoor Tayabbhai Gandhi and Narmina Dadashova, and firms Trans Arctic Global and Alt Capital. These entities are accused of facilitating illicit Iranian oil shipments through the Strait of Malacca and exporting petrochemicals.

Why it mattersSingapore-based ship management and consultancy firms face increased risk of secondary sanctions if they act as intermediaries for sanctioned trade.