Crypto-Follow logo Crypto-Follow logo
Cryptoknowmics 2022-03-05 11:02:02

Singapore Imposes Financial Curbs On Russian Banks, Sanctions Crypto Transactions

In response to the ongoing Vladimir-Putin-led Russian invasion of Ukraine, Singapore has announced that it will implement sanctions against the Russian Federation. In a press release made by Singapore’s Ministry of Foreign Affairs, these sanctions and limitations are intended to limit Russia’s ability to wage war against Ukraine and weaken the country’s national sovereignty. To ensure this, Singapore will place sanctions on designated Russian banks, entities, and fund-raising activities. The financial measures also prohibit Singapore’s financial institutions from providing services that might assist Russia’s government in generating extra funds. These measures apply to all financial institutions in Singapore, including banks, finance companies, insurers, capital markets intermediaries, securities exchanges, and payment service providers. The press release said, “For a small state like Singapore, this is not a theoretical principle, but a dangerous precedent. This is why Singapore has strongly condemned Russia’s unprovoked attack on Ukraine.” Since the resolution of the United Nations Security Council to condemn Russia’s aggression against Ukraine was prevented due to Russia’s veto, this is the first time in decades that Singapore would be imposing financial measures on a foreign nation without support from the UNSC. Singapore Blocks Crypto Companies From Helping Russia In addition to blocking financial institutions in Singapor...

#
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer