Following the Western sanctions imposed against Iran's nuclear program, Singapore's ban on Iran has been in force since June 18, 2012.
The prohibition had applied to all financial institutions and individuals, from doing business with the Iranian government, its central bank, to any financial institutions in Iran and a branch or subsidiary.
According to the ban, financial institutions in Singapore were stopped to directly or indirectly entering into any transaction or business relationships with Iran.
Singapore's lifting of the ban followed a similar move on January 16 by the European Council, Japan which on January 22 lifted its key sanctions, including bans on making new investments in the oil and gas sector using export credits, Siemens of Germany, the Netherlands and UEA which delivered Iran's blocked gas products follwoing the removal of sanctions, as well as Canada, Island, USA and Switzerland which cancelled a part of illegal sanctions on Iran.
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