Singapore to Impose Restrictions on Russian Financial and Crypto Transactions

Описание: For the first time in decades, as acknowledged by a former diplomat, Singapore is taking steps to sanction another nation without approval from the United Nations Security Council. The city state is preparing to do that against Russia over its military invasion of Ukraine, the South China Morning Post reported, quoting the Ministry of Foreign Affairs which stated:

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.

In an announcement published Saturday, the department detailed that the measures include the introduction of export controls on items that can be used for military purposes as well as restrictions on doing business with selected Russian banks — VTB Bank, Vnesheconombank, Promsvyazbank, and Bank Rossiya — and non-bank entities. Their assets and funds in Singapore shall be frozen.

Providing financial services facilitating fund raising by the Russian government, the central bank or affiliated entities will not be permitted. Restrictions will also apply to some sectors of the economies of the two breakaway Ukrainian regions, Donetsk and Lugansk, which Russia decided to recognize as independent states.

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