Singapore to Impose Restrictions on Russian Financial and Crypto Transactions – Bitcoin News - BitcoinEthereumNews.com
In a rare move, Singapore is going to introduce restrictions on certain Russian financial transactions and crypto operations aimed at evading sanctions. The decision comes amid officially expressed concerns that Moscows invasion of Ukraine is a threat to the security of small states around the world. Singapore Becomes First Southeast Asian Nation to Impose Sanctions on Russia For the first time in decades, as acknowledged by a former diplomat, Singapore is taking steps to sanction another nation without approval from the United Nations Security Council. The city state is preparing to do that against Russia over its military invasion of Ukraine, the South China Morning Post reported, quoting the Ministry of Foreign Affairs which stated: For a small state like Singapore, this is not a theoretical principle, but a dangerous precedent. This is why Singapore has strongly condemned Russias unprovoked attack on Ukraine. In an anouncement published Saturday, the department detailed that the measures include the introduction of export controls on items that can be used for military purposes as well as restrictions on doing business with selected Russian banks — VTB Bank, Vnesheconombank, Promsvyazbank, and Bank Rossiya — and non-bank entities. Their assets and funds in Singapore shall be frozen. Providing financial services