Singapore Ministry of Foreign Affairs announces sanctions against Russia

On 28 February 2022, the Singapore Ministry of Foreign Affairs announced that Singapore would impose sanctions against Russia.

The package of sanctions to be imposed was formally released on 5 March 2022. It includes the following measures:

Export Controls Measures

• Prohibit the export, transit and transhipment of all items under the Strategic Goods (Control) Order 2021 which (i) are listed as ‘Military Goods’, and (ii) fall under the ‘Electronics’, ‘Computers’, and ‘Telecoms and Information Security’ categories of the List of Dual-Use Goods to Russia.

Financial Measures

• Financial institutions in Singapore will be prohibited from:
  • Entering into transactions or establishing business relationships with the following 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. For existing relationships with these banks, any of their assets and funds must be frozen.
  • Providing financing or financial services in relation to the export from Singapore or any other jurisdiction of goods subject to Singapore’s export controls on Russia.
  • Providing financial services to designated Russian non-bank entities involved in the export of controlled goods. For existing relationships with these entities, any of their assets and funds must be frozen. Further details on the designation of these entities will be provided subsequently.
  • Facilitating fundraising activities by the Russian government and central bank, or any entity owned or controlled by them or acting on their direction or behalf. This extends to the sale and purchase of new securities, the facilitation of new fundraising by these entities and the participation in making any new loan to these entities. Additionally, the Singapore Government and Monetary Authority of Singapore will cease investing in newly issued securities of these entities.
  • Entering into transactions or providing financial services in the (i) transport, (ii) telecommunications, (iii) energy and (iv) prospecting, exploration and production of oil, gas and mineral resources sectors in Donetsk and Luhansk.
  • Entering into or facilitating any transactions involving cryptocurrencies which circumvent any of the above prohibitions. These prohibited transactions cover all transactions that involve cryptocurrencies and extend to the payment and settlement of transactions that relate to digital assets (such as non-fungible tokens).