July 15, 2024

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Singapore targets designated Russian banks amid sanctions

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The Financial Authority of Singapore (MAS) has imposed financial steps targeting specified Russian banking companies, entities and functions in Russia, and fundraising actions benefiting the Russian govt, in reaction to Russia’s invasion of Ukraine.

See associated posting: Singapore prohibits crypto, NFT transactions in sanctions against Russia

Quick facts

  • An MAS detect named the designated banking companies as VTB Financial institution Public Joint Inventory Organization, The Corporation Financial institution for Enhancement and Foreign Financial Affairs Vnesheconombank, Promsvyazbank General public Joint Stock Company, and Bank Rossiya.
  • These steps utilize to all fiscal institutions in Singapore, together with banking companies, finance corporations, insurers, money marketplaces intermediaries, securities exchanges, and payment provider vendors, MAS stated in the discover on Monday. 
  • International locations all-around the planet have imposed sanctions on Russia in protest over its assault on Ukraine, as Russia’s economic overall health continues to undergo blows from mounting sanctions focusing on its banking companies, oil refineries and military services exports.
  • “Digital payment token company vendors are as a result exclusively prohibited from facilitating transactions that could aid the circumvention of the economical measures,” MAS explained in the discover. 

See associated short article: Is cryptocurrency a workaround for sanctions against Russia?

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