During the period where U.S. had economic sanction placed on Sudan, an Asian Oil Trader bought crude oil from the Sudan National Oil Company. The Asian Oil Trader instructed its banker, Citibank N.A. Singapore branch to make JPY payment. The Sudanese Seller claimed that they did not receive the funds. What could be the reason for this outcome? Sudan and Singapore are on different time zone and it takes more time for Sudanese party to receive payment Citibank N.A. Singapore Branch committed an operational error and did not make payment to Sudanese party Citibank N.A. Singapore Branch is able only to remit Singapore Dollar Citibank N.A. is a U.S. bank and therefore had to observe the economic sanction and unable to remit funds to Sudanese party Question 20 In 2019 the USA is still the world's largest economy and has the world's most powerful military. In its effort to force Iran to conform to American agenda, the US continued to impose economic sanction on Iran. Banks and Shipping Companies must be vigilant that their customers do not trade and ship goods to Iran. Any infringements by Banks and Shipping Companies are met with punitive measures by America and her allies. Given the presence of international banks and shipping companies in the U.S. and recent experience of international banks paying huge fines for various infringements, sanction imposition has proven to be very effective in denying Iran of both exports and imports. Banks are careful to monitor the trading activities of their customers. If customers are found to be in breach of sanctions ruling. Banks would withdraw financing support to these customers, causing some to go out of business. As a result, major traders have policies and procedures to ensure not selling to sanction countries so as to maintain banking support and use of trade finance facilities they need to conduct trade. Is this statement TRUE or FALSE? True False