Singapore imposes sanctions on Russian Central Bank over situation in Ukraine
Along with the Russian Central Bank, it also imposed restrictions on exports to the country over Russian military operation in Ukraine, said the Singaporean Foreign Ministry
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Singapore, March 5: Singapore has now introduced sanctions on the Russian Central Bank and some other Russian banks. It also imposed restrictions on exports to the country over Russian military operation in Ukraine, said the Singaporean Foreign Ministry on Saturday.
The ministry said in a statement, "Financial institutions in Singapore will be prohibited from the following: ... entering into transactions or arrangements, or providing financial services that facilitate fund raising by: the Russian government; the Central Bank of the Russian Federation; any entity owned or controlled by them or acting on their direction or behalf. The prohibitions apply to buying and selling new securities, providing financial services that facilitate new fund raising by, and making or participate in the making of any new loan to the above entities."
Singapore has imposed sanctions on Russian banks and banned exports of dual-use products to Russia
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The sanctions targeted 4 Russian banks: VTB, Vnesheconombank, Promsvyazbank and Bank Rossiya.
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The statement added, "In order to constrain Russia's capacity to conduct its war in Ukraine and cyber aggression, all permit applications to Russia involving (a) all items on the List of Military Goods under the SGCO; and (b) all category codes under Category 3 - Electronics, Category 4 - Computers and Category 5 - Telecommunications and "Information Security" on the List of Dual-Use Goods under the SGCO will be rejected."
