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Singapore outlines Russian financial sanctions, trade restrictions over Ukraine invasion

( March 5, 2022, 08:16 GMT | Official Statement) -- MLex Summary: All financial institutions in Singapore will be banned from transacting with four Russian banks—VTB Bank Public, the Bank for Development and Foreign Economic Affairs Vnesheconombank, Promsvyazbank and Bank Rossiya—as part of the city-state’s sanctions against Russia over its invasion of Ukraine. If there are existing business relationships, financial institutions must freeze any assets and funds of these four banks. Singapore also banned the financing and export of strategic goods, such as military goods and electronics, to Russia, and any arrangements that facilitate fund-raising by the Russian government or entities it controls. Digital payment token service providers have also been prohibited from facilitating transactions that could help to circumvent these financial measures. The full statement follows: ...

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