Singapore Imposes Targeted Financial Sanctions Against Russia

Singapore’s central bank unveiled details of targeted financial measures against Russia, part of the city-state’s broader package of unilateral sanctions induced by the war in Ukraine.

The Monetary Authority of Singapore said the measures apply to all financial institutions in the island republic, including banks, finance companies, insurers, capital market intermediaries, securities exchanges and payment service providers.

Digital payment token service providers are prohibited from facilitating transactions that could aid the circumvention of the financial measures, according to a statement from the MAS on Monday.

Under the MAS Act, a financial institution that contravenes its regulations is guilty of an offense and will be liable on conviction to a fine not exceeding S$1 million ($732,654), it said.

The tiny island nation rarely imposes sanctions on other countries in the absence of binding UN Security Council approval, with Foreign Minister Vivian Balakrishnan telling parliament on Feb. 28 that Russia’s show of force threatens a world order that “would be profoundly inimical to the security and survival of small states.”

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