In response to the ongoing Vladimir-Putin-led Russian invasion of Ukraine, Singapore has announced that it will implement sanctions against the Russian Federation. In a press release made by Singapore’s Ministry of Foreign Affairs, these sanctions and limitations are intended to limit Russia’s ability to wage war against Ukraine and weaken the country’s national sovereignty. To ensure this, Singapore will place sanctions on designated Russian banks, entities, and fund-raising activities. The financial measures also prohibit Singapore’s financial institutions from providing services that might assist Russia’s government in generating extra funds. These measures apply to all financial institutions in Singapore, including banks, finance companies, insurers, capital markets intermediaries, securities exchanges, and payment service providers. The press release said, “For a small state like Singapore, this is not a theoretical principle, but a dangerous precedent. This is why Singapore has strongly condemned Russia’s unprovoked attack on Ukraine.” Since the resolution of the United Nations Security Council to condemn Russia’s aggression against Ukraine was prevented due to Russia’s veto, this is the first time in decades that Singapore would be imposing financial measures on a foreign nation without support from the UNSC. Singapore Blocks Crypto Companies From Helping Russia In addition to blocking financial institutions in Singapore from providing services in Russia, digital payment token service providers are particularly forbidden from supporting transactions that might aid in the circumvention of these financial measures. As defined under the Payment Services Act 2019, cryptocurrencies are commonly referred to as digital payment tokens (DPTs) in Singapore. The sanctions on crypto providers are intended to prevent Russian businesses from using cryptocurrencies to circumvent financial restrictions placed on Russian banks. Russia is still being hammered by international sanctions. Major Russian banks have been barred from using the SWIFT international payments system, while billionaires and officials linked to Vladimir Putin have been subjected to travel restrictions and asset freezes. The central bank of Russia has also been denied access to its $630 billion in foreign reserves.
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