In Rare Move, Singapore Sanctions Big Russian Banks Over Ukraine War

Saturday, 5 March 2022newsdesk

Singapore has introduced sanctions on the Russian Central Bank and some other Russian banks as well as imposed restrictions on the exports to the country over the Russian military operation in Ukraine, the Singaporean Foreign Ministry said on Saturday.

New Delhi, 05 March 2022

As per news report of NDTV, "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," the ministry said in a statement.The sanctions targeted four Russian banks: VTB, Vnesheconombank, Promsvyazbank and Bank Rossiya.

Source - NDTV