A Singapore-based company has been slapped with US sanctions for links to the Iranian oil trade, becoming the first in the city-state to be penalized for assisting with oil transfers at sea.

The United States imposed sanctions on Thursday on Iran's Oil Minister Mohsen Paknejad and some Hong Kong-flagged vessels that are part of a shadow fleet that helps disguise Iranian oil shipments, the Treasury Department said.

The United States imposed sanctions on Thursday on Iran's oil minister Mohsen Paknejad and some Hong Kong-flagged vessels, according to the Treasury Department. (Reporting by Doina Chiacu; Editing by Brendan O'Brien) Copyright 2025 Thomson Reuters.

The Trump administration is imposing sanctions on Iran’s oil minister, as well as targeting more companies and vessels linked to the “shadow fleet” that Tehran uses to circumvent sanctions.

The sanctions also designated three entities engaged in the Iranian oil trade in China, and named three shipping vessels as blocked property for their use in the transactions. "Th

Trump administration has vowed “maximum pressure” on Iran to disrupt the flow of its oil. Read more at straitstimes.com.