Singapore targets designated Russian banks amid sanctions

The Monetary Authority of Singapore (MAS) has imposed financial measures targeting designated Russian banks, entities and activities in Russia, and fundraising activities benefiting the Russian government, in response to Russia’s invasion of Ukraine.

See related article: Singapore prohibits crypto, NFT transactions in sanctions against Russia

Fast facts

• An MAS notice named the designated banks as VTB Bank Public Joint Stock Company, The Corporation Bank for Development and Foreign Economic Affairs Vnesheconombank, Promsvyazbank Public Joint Stock Company, and Bank Rossiya.

• These measures apply to all financial institutions in Singapore, including banks, finance companies, insurers, capital markets intermediaries, securities exchanges, and payment service providers, MAS said in the notice on Monday. 

• Countries around the world have imposed sanctions on Russia in protest over its attack on Ukraine, as Russia’s financial health continues to suffer blows from mounting sanctions targeting its banks, oil refineries and military exports.

• “Digital payment token service providers are therefore specifically prohibited from facilitating transactions that could aid the circumvention of the financial measures,” MAS said in the notice. 

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