On 14 March 2022, the Monetary Authority of Singapore (“MAS”) issued the following 2 notices that are legally binding on all financial institutions regulated by the MAS (including banks, finance companies, insurers, capital markets intermediaries, securities exchanges, payment service providers and digital payment token service providers): Notice SNR-N01 Financial Measures in Relation to Russia Notice SNR-N02 Financial Measures in Relation to Russia – Non-prohibited Payments and Transactions Notice SNR-N02 sets out the general sanctions measures against…
On 5 March 2022, the Singapore Government provided details of the “appropriate sanctions and restrictions” it had announced it will impose on Russia (see our previous blog). SINGAPORE’S FINANCIAL MEASURES IN RELATION TO RUSSIA The Singapore Government will impose financial measures targeted at designated Russian banks, entities and activities in Russia, and fund-raising activities benefiting the Russian government. Digital payment token service providers will be specifically prohibited from facilitating transactions that could aid the circumvention…
On February 28, 2022, the Singapore Foreign Minister announced in Parliament that Singapore intends to impose “appropriate sanctions and restrictions” on Russia, acting in concert with like-minded countries. Singapore intends to impose export controls on items that can be used directly as weapons in Ukraine to inflict harm, and it will also block certain Russian banks and financial transactions connected to Russia. The specific measures are being worked out and will be announced shortly. Singapore’s…