Singapore trading company linked to sanctioned Russian military deals
A Singapore-based firm and its director have been blacklisted by the US Treasury Department for alleged involvement in evading sanctions tied to Russia’s military-industrial complex. On Wednesday (Feb 1), the US announced “full blocking sanctions” against Ms Serena Ng Bee Lin and her company, Asia Trading & Construction. The company was described as a shell entity used to facilitate the sale of helicopters to a Latin American government on behalf of a Russian defence conglomerate.
The sanctions were part of broader measures targeting 22 individuals and organisations connected to the Zimenkov network, a Russia- and Cyprus-based operation accused of supporting Russian defence projects. This network has reportedly supplied advanced technological devices to Russian firms post-invasion of Ukraine in February 2022.
According to the US Treasury, members of this network have worked with sanctioned Russian defence companies, including Rosoboroneksport and Rostec, critical players in Russia’s military-industrial framework. Front companies were allegedly used to channel funds while maintaining a façade of legality.
Asia Trading & Construction, established in 2014 and formerly known as Five Star Resort, was listed under the US Treasury’s Specially Designated Nationals List for acting on behalf of Rostec. The firm, located on Peck Seah Street, engages in wholesale trade and is recorded in Singapore’s Accounting and Corporate Regulatory Authority (ACRA) database.
Ms Ng was added to the same list for her role as a senior executive and board member of the firm. The sanctions block all US-linked properties and interests associated with Ms Ng and her company, requiring these to be reported to the Office of Foreign Assets Control.
Responding to media inquiries, Singapore’s Ministry of Foreign Affairs confirmed awareness of the sanctions. A ministry spokesperson highlighted the government’s consistent reminders to Singaporeans and local entities about understanding and considering the impact of foreign sanctions on their business activities.
Deputy Secretary of the Treasury Wally Adeyemo stated that targeting intermediaries is part of ongoing efforts to enforce sanctions against Russia’s defence sector and its affiliates. Over the past year, more than 100 individuals and organisations have been sanctioned for attempting to bypass international restrictions placed on Russia following its invasion of Ukraine.
Singapore implemented its own financial sanctions and export controls against Russia in March 2022, reinforcing its stance on the conflict.
