Bank accounts of Iranian residents closed without explanation in Singapore

File Pixabay

UNITED STATES (VOP TODAY NEWS) — Several Singaporean banks have started closing the accounts of Iranians residing in the country without explaining the reasons, reports the newspaper The Straits Times by referring to the holders of these accounts. According to the media, this could be the impact of US sanctions against Tehran.

The bank accounts of at least ten Iranians residing in Singapore have been closed recently, so they had to open new ones with other banks, reports The Straits Times.

According to the newspaper, the closing of accounts could be linked to the introduction of new US sanctions against Iran , given the financial risks associated with their introduction. UOB Bank and OCBC Bank are among the institutions concerned.

The spokesman for the Monetary Authority of Singapore explained that the banks themselves made all the decisions regarding the opening and closing of the accounts of their customers given the risks related to their management.

In May 2018, the Trump administration implemented one of its campaign promises by unilaterally withdrawing from the international agreement reached in 2015 to prevent Tehran from acquiring nuclear weapons. Since then, Washington has reimposed harsh economic sanctions against Iran.

The dispatch of a US aircraft carrier and B-52 bombers to the Gulf, as well as the announcement of the deployment of 1,500 additional US troops in the Middle East in May, sparked a blaze in the region.

In response, Iran announced on May 8 to break two of its commitments under the nuclear agreement and issued an ultimatum to countries still parties to this agreement to get out of their isolation the oil and financial sectors of Iran.


This article is written and prepared by our foreign editors writing for VOP from different countries around the world – edited and published by VOP staff in our newsroom.

Our Standards, Terms of Use: Standard Terms And Conditions.

Contact us:

VOP Today News — Breaking news source, real-time coverage of the world’s events, life, politics, business, finance, economy, markets, war and conflict zones.

Stay connected with VOP Today News on Twitter – VOP Today News on Facebook, also with our online services and never lost the breaking news stories happening around the world.

Support The VOP from as little as $1 – it only takes a minute. Thank you.

We are the Voice of People — the only funding and support we get from people – we are categorically not funded by any political party, any government somewhere or from any grouping that supports certain interests – the only support that makes VOP possible came from you.