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Russia- Ukraine War: Singapore imposes sanctions on Russian Banks

Singapore: Singapore imposed sanctions on four Russian banks.  The island nation imposed sanctions on VTB, Vnesheconombank, Promsvyazbank and Bank Rossiya. The decision was taken over the Russian invasion on Ukraine.

‘Financial institutions in Singapore will be prohibited from the following: … entering into transactions or arrangements, or providing financial services that facilitate fundraising 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 fundraising by, and making or participate in the making of any new loan to the above entities’, said the Foreign ministry  in a statement.

Also Read: Breaking News: Russia declares ceasefire 

Singapore also imposed restrictions on exports to Russia. The goods included in the Singapore’s military goods list are electronics , computers and also  telecommunications and information security items which will not be allowed to be exported to Russia as these can be used as weapons against Ukraine .

Last year, Singapore’s trade in goods with Russia was $5 billion. Its top exports to Russia are electronics and apparatus.


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