US Sanctions Hit Singapore-Based Firms for Aiding Iran's Oil Revenues

The US Treasury Department's Office of Foreign Assets Control (OFAC) has imposed new sanctions on 60 individuals, companies, and shipping vessels allegedly involved in aiding Iran's oil revenues, weapons procurement, and cyber operations.

Among the Singapore-based entities targeted are Mansoor Tayabbhai Gandhi, owner of Trans Arctic Global Marine Services, which was previously sanctioned for helping the National Iranian Tanker Company transport tens of millions of barrels of Iranian oil through the Strait of Malacca.

Gandhi is also the owner of Arc Chartering and Hong Kong-based Sky Oil and Gas Asia Limited, both of which have been sanctioned for acting on his behalf. He was previously involved with Azure Shipping, which has also been sanctioned for working with the National Iranian Tanker Company to facilitate ship-to-ship services.

Narmina Dadashova, an Azerbaijan national with Singaporean citizenship, is another individual linked to Singapore. She owns Alt Capital, a company allegedly conducting transactions worth over $1 million in petrochemical products originating from Iran. The UK has also sanctioned Dadashova for supporting Russia's defense sector and destabilizing Ukraine.

Wellbred Capital, a commodities trader with ties to Iranian oil shipping magnate Mohammad Hossein Shamkhani, has been sanctioned by the US Treasury Department. Shamkhani is responsible for Wellbred's operations, despite the company being set up outside of Iran's business network.