Cargo inspection company CCIC Singapore, which recently laid off hundreds of workers, said on Monday (Jun 9) that it had to do so as the impact of sanctions from the United States turned out to be far greater than expected, and that it has ceased operations in Singapore.
The China-linked, Singapore-based firm was among 15 companies blacklisted by the US on May 13 for helping to conceal the origins of Iranian oil being shipped to China.