Everyone globally is ramping up its efforts to deter Russia from progressing with its ongoing invasion of Ukraine. This includes our beloved lion city as Singapore will be imposing sanctions on Russia.
This means that banks and other financial institutions in Singapore will be banned from doing business with four Russian banks to target the Russian economy for the invasion of Ukraine.
According to the Ministry of Foreign Affairs (MFA) on 5 March, details of Singapore’s sanction against Russia will also include a ban on the export of certain goods to Russia, including electronics, computers, and military goods.
“These sanctions and restrictions aim to constrain Russia’s capacity to conduct war against Ukraine and undermine its sovereignty,” said the MFA.
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Measures Introduced By the MFA
According to the MFA, all financial institutions in Singapore will be prohibited from entering into transactions or establishing business relationships with the following four Russian banks:
- VTB Bank Public Joint Stock Company;
- The Corporation Bank for Development and Foreign Economic Affairs Vnesheconombank;
- Promsvyazbank Public Joint Stock Company and;
- Bank Rossiya.
Financial institutions in Singapore includes banks, finance companies, insurers, capital markets, intermediaries, securities exchanges, and payment service providers.
If there are existing business relationships with the abovementioned banks, “financial institutions must freeze any assets and funds of these four banks,” said MFA.
MFA had also stated that digital payment service providers are specifically prohibited from facilitating transactions that could help to circumvent these financial measures.
MFA Leaving No Stone Unturned on Introduced Measures
Aside from prohibiting the establishment of business relationships, transactions and provision of financial services that facilitate fundraising to the Russian government and the Central Bank of the Russian Federation, as well as any entity owned or controlled by them or acting on their direction or behalf, will be prohibited.
These prohibitions also apply to buying and selling new securities, providing financial services that facilitate new fundraising by, and making or participating in the making of any new loan to the above entities.
“The Singapore Government and Monetary Authority of Singapore will also cease investing in newly issued securities of the above entities,” MFA said.
In short, no one is allowed to provide support for Russian financial entities – including the government themselves- in any manner as the invasion of Ukraine continues.
Russia-backed spaces in Ukraine are not spared either—banks, insurers and other financial institutions here will additionally not be allowed to enter transactions or provide financial services to certain sectors in breakaway regions of Donetsk and Luhansk of Ukraine. The sectors include transport, telecommunications, energy, and prospecting, exploration and production of oil, gas and mineral resources.
The prohibitions listed also apply to cryptocurrencies and MFA said that Singapore’s sanctions cover all transactions that involve cryptocurrencies and extend to the payment and settlement of transactions that relate to digital assets which includes non-fungible tokens (NFTs).
Details on Bans on Transfer of Goods to Russia
Aside from the economic sanctions, the MFA have also enacted a ban on the transfer of goods to Russia. The items involved are all items listed in Singapore’s Military Goods List and all items in the following categories on the List of Dual-Use Goods List of the Strategic Goods (Control) Order 2021:
- Category 3- Electronics;
- Category 4 – Computers and;
- Category 5 – Telecommunications and “Information Security”
The reason being if these items are exported to Russia, they could potentially be used as weapons to inflict harm on or to subjugate the Ukrainians, or possibly play a part in facilitating “offensive cyber operations”.
In summary, Singapore is doing all she can to stand with the people in Ukraine. That doesn’t mean however that the state does not value good relations with Russia and the Russian people. The actions that MFA have taken is to condemn the Russian government’s violation of the sovereignty and territorial integrity of another sovereign state.
So please don’t take your anger out on common Russian citizens, people, or small businesses that are currently in Singapore. As Haymitch Abernathy once said, “Remember who the real enemy is.”
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