Singapore imposes sanctions on the Russian Central Bank for the war in Ukraine

Singapore has imposed sanctions on the Russian Central Bank and some other Russian banks and imposed restrictions on exports to the country following Russia’s military operation in Ukraine, Singapore’s foreign ministry said on Saturday.

“Financial institutions in Singapore will be prohibited from: … entering into transactions or arrangements, or providing financial services that facilitate the raising of funds by: the Russian government; the Central Bank of the Russian Federation; any entity held or controlled by them or acting under their direction or on their behalf.The prohibitions apply to the purchase and sale of new securities, the provision of financial services that facilitate new fundraising by, and the granting or participating in the granting of any new loans to the above entities,” the ministry said in a statement. declaration.

The sanctions targeted four Russian banks: VTB, Vnesheconombank, Promsvyazbank and Bank Rossiya.

“In order to limit Russia’s ability to wage its war in Ukraine and cyberaggression, all permit applications to Russia involving (a) all items on the Military Property List 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 items under the SGCO will be rejected,” the statement added.

(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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