Singapore Unveils Sanctions Against Russia

PARIS, France – Singapore announced a list of sanctions aimed at Russia on Saturday, including export control of strategic items and financial measures.

‘We will impose export controls on items that can be directly used as weapons to inflict harm on or to subjugate the Ukrainians, as well as items that can contribute to offensive cyber operations’, said the country’s foreign ministry in a statement.

Under The Sanctions:

  • Singapore Customs will reject all permit applications to Russia involving all items listed as military goods, electronics, computers, and ‘Telecommunications and Information Security’.
  • All financial institutions in Singapore will be prohibited from pursuing transactions or establishing business relations with major Russian financial institutions including VTB Bank, VEB.RF, Promsvybank, and Bank Rossiya.
  • Singapore will prohibit transactions or the facilitation of fundraising for the Russian government and Central Bank of Russia or any entity owned by them.
  • Singapore will prohibit providing financial services in the separatist regions of Donetsk and Luhansk in the transport, telecommunication, and energy sector.
  • Digital payment token service providers are prohibited from facilitating any transactions ‘that could help to circumvent these financial measures’.
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