More than one year since China’s new Export Control Law (“ECL”) became effective, the Ministry of Commerce (“MOFCOM”) has finally released the long-awaited Regulations on Dual-use Item Export Control (“Draft Regulations”) draft, for public comments on 22 April 2022. The Draft Regulations can be found here: 关于《两用物项出口管制条例（征求意见稿）》公开征求意见的通知 (mofcom.gov.cn). We highlight below the key takeaways from our review of the Draft Regulations. 1. Scope of items subject to controls Although the Draft Regulations relate specifically to the…
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 7 March, the Singapore Exchange (“SGX”) suspended the admission to trading of PJSC Gazprom’s global depository receipts due to sanctions imposed on Russia by the Singapore Government. Gazprom is a Russian oil and gas company in which the Russian government has a controlling interest (including both direct and indirect ownership) of more than 50 per cent. This suspension comes after the Singapore Government announced details of its financial measures and export control sanction measures…
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…