Who are the Singapore-based entities named in new US sanctions targeting Iran?

SINGAPORE – The US Treasury Department’s Office of Foreign Assets Control (OFAC) has issued new sanctions against 60 individuals, companies and shipping vessels that allegedly aided Iran in generating oil revenues, procuring weapons and cyberoperations.

This came as Treasury Secretary Scott Bessent on Aug 24 declared an “economic D-Day” on Iran as a war with the oil-rich nation has ground to a stalemate and disrupted supply chains.

Those hit with sanctions were based around the world.

Here are the Singapore-based mentions.

Mansoor Tayabbhai Gandhi

Singaporean Mansoor Tayabbhai Gandhi is the owner of Trans Arctic Global Marine Services, a Singapore-registered company that was sanctioned by the US in July 2025 for allegedly aiding the Iranian petroleum industry.

OFAC said Trans Arctic Global enabled the National Iranian Tanker Company to transport tens of millions of barrels of Iranian oil and transit through the Strait of Malacca, with the shipment eventually being transferred to vessels waiting in Singapore’s eastern outer port limits.

Mansoor, 51, is also the owner of Singapore-based Arc Chartering and Hong Kong-based Sky Oil and Gas Asia Limited, which have been sanctioned for having acted or being purported to act, directly or indirectly, on his behalf.

Arc Chartering was incorporated in May 2014 under another name, with its primary business being ship management services, according to Accounting and Corporate Regulatory Authority (ACRA) records.

Earlier in 2026, vessel operator Sea-Dragon Marine Services sued Mansoor and Trans Arctic Global to recover over $1.3 million in outstanding payments. The claim stems from services provided to Tag Marine, a ship management services firm where Mansoor was a director before it was struck off the ACRA registry in November 2023.

Azure Shipping

Mansoor was also the former owner of Azure Shipping, which has been sanctioned by OFAC for working with the National Iranian Tanker Company “to facilitate ship-to-ship services to US sanctioned vessels”.

Azure Shipping was incorporated in May 2014 and its primary business activity is listed as ship management services on ACRA.

Its current sole owner is Muhammad Sidek Mohideen Shahul Hamid, who took over the firm in October 2025.

The firm appears to have vacated its listed address at Telok Blangah House. When The Straits Times visited the premises on Aug 25, the unit was listed in the building directory under Maldives National Shipping Agencies, a company that ACRA records show has been struck off.

Narmina Dadashova

The other individual with a Singapore connection is Narmina Dadashova, who was sanctioned for “blocking property and interests in property”, according to OFAC.

The 43-year-old is listed as an Azerbaijan national, with Singapore stated as her alternative nationality. Acra records show that she is a Singapore citizen.

Dadashova is the owner of Alt Capital. The company’s primary business activity is management consultancy services, while its secondary business activity is the development of software and applications, according to ACRA records.

In May, the US sanctioned Alt Capital for allegedly conducting multiple transactions for the export of about US$900,000 (S$1.1 million) worth of petrochemical products originating from Iran.

This came after the UK moved on the firm in October 2025 for supporting Russia’s defence sector, or supplying equipment to Russia that is critical to its defence sector.

The UK has also sanctioned Dadashova for “destabilising Ukraine, or undermining or threatening the territorial integrity, sovereignty or independence of Ukraine”.

Wellbred Capital 

Singapore-based Wellbred Capital and its subsidiaries in the United Arab Emirates and Switzerland have also been sanctioned.

The commodities trader allegedly has ties to Iranian oil shipping magnate Mohammad Hossein Shamkhani.

“Shamkhani built Wellbred as a company outside the network’s Iranian business, though Shamkhani is ultimately responsible for Wellbred’s operations,” OFAC said.

Wellbred Capital, incorporated in February 2012, is in the primary business of wholesale trade of a variety of goods, including petrochemical and petroleum products trading, according to records on ACRA.

It is solely owned by Soh Eng Ann, who was appointed as director of the company in December 2018.

The company’s “expertise in infrastructure and logistics helps our clients safely navigate the challenges of energy and commodity trading”, its website states. “Guided by veteran leadership from the oil, gas, and energy sectors, our global network enables producers to connect with consumers anywhere in the world,” it added.

ST has contacted Mansoor, Alt Capital and Wellbred Capital for comment.