Singapore imposes sanctions on Russian banks

The government of Singapore has imposed financial sanctions targeted at designated Russian banks as well as entities and fund-raising activities benefiting these banks.

PHOTO: Cargo terminal at the Port of Singapore. Getty Images

“These measures apply to all financial institutions in Singapore, including banks, finance companies, insurers, capital markets intermediaries, securities exchanges, and payment service providers,” Singapore's Ministry of Foreign Affairs said in a statement.

Four Russian banks are covered by the sanctions:

• VTB Bank
• The Corporation Bank for Development and Foreign Economic Affairs (VEB.RF)
• Promsvyazbank
• Rossiya Bank

Singapore will also put in place export controls on items that can be used to harm Ukrainians or to mount cyber attacks on Ukraine and other countries.

Its exports of military goods, certain electronics, computers, telecommunications and information security systems to Russia have been banned.