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…
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…
China’s Export Control Law (“ECL”) came into effect on 1 December 2020, providing a framework to a series of separate administrative regulations on export controls issued prior to the law’s enactment. While no implementing rules or regulations under the ECL have been enacted since its passage into law, China’s Ministry of Commerce (“MOFCOM”) recently released Announcement No. 10 of 2021, on “Internal Compliance Guidelines on the Export of Dual-Use Items” (hereafter, the “Guidelines”) pursuant to…