Singapore Stands In Solidarity With Ukraine - Enforces Crushing Sanctions Against Russia - Will Freeze Crypto Transactions And Exports
Singapore has added their voice to the global chorus denouncing Russia’s recent invasion of Ukraine, announcing sweeping economic sanctions that will hit several sectors of Russia’s economy including cryptocurrencies.
By Andrew Senior
March 9th, 2022
Singapore’s Ministry of Foreign Affairs revealed strict regulations prohibiting citizens and businesses from entering into or facilitating the trading of cryptocurrencies with Russia, including a wide range of digital assets and non-fungible tokens. Singapore also announced a blanket ban on aiding Russian entities from avoiding the new sanctions which apply to banks, finance companies, insurers, capital markets intermediaries, securities exchanges, and payment service providers.
The Ministry of Foreign Affairs has also taken steps to freeze the assets of several Russian banks from operating within its borders including VTB Bank, Vnesheconombank, Promsvyazbank, and Bank Rossiya, and has additionally suspended all exports to the country.
The Ministry of Foreign Affairs released the following statement,
“We 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 are specifically prohibited from facilitating transactions that could help to circumvent these financial measures. These measures apply to all financial institutions in Singapore, including banks, finance companies, insurers, capital markets intermediaries, securities exchanges and payment service providers.”
The Ministry went on to give specific clarification regarding cryptocurrencies and digital assets,
“The prohibited cryptocurrency transactions cover all transactions that involve cryptocurrencies and extend to the payment and settlement of transactions that relate to digital assets (such as non-fungible tokens).”
Singapore joins a growing list of countries imposing sanctions and restrictions against Russia which are crippling the economy including the US, the EU, and almost all of the G7 countries. The financial sanctions enacted by Singapore will force crypto exchanges operating within the country to comply with all the new regulations adding yet more financial pain to the Russian Federation.