Singapore imposed sanctions against VTB, Promsvyazbank and VEB.RF

Singapore imposes sanctions against Russia because of its military operation in Ukraine, according to the website of the Singapore Foreign Ministry.

Banks VTB, VEB.RF, Promsvyazbank and Rossiya Bank were subject to restrictions. Singaporean companies cannot carry out any transactions with these financial institutions or have any business relationship with them.

In addition, it is prohibited to participate in transactions or provide services if the ultimate beneficiary of the transactions is the Russian government, the Central Bank, as well as any legal entity that they control or that acts on their behalf and on behalf.

Also, Singaporean companies cannot enter into transactions with companies from the DPR and LPR in the following sectors: transport, telecommunications, energy, exploration and production of gas, oil and minerals.

In addition to financial restrictions, Singapore has also set export restrictions on Russia. Thus, the supply of all goods from a special list of military goods is prohibited in order to "limit Russia's ability to wage war in Ukraine and carry out cyber attacks." In addition, under the ban on the supply of goods from the categories "Electronics", "Computers" and "Telecommunications and information security" from the list of dual-use goods.