Singapore is also not behind in joining Western countries, wanting to launch sanctions against certain entities in Russia.
The Monetary Authority of Singapore (MAS) recognizes a need to restrict Russian finances - whether against banks, organizations and activities in Russia, including fundraising that benefits Russia as a sign of support for Ukraine.
Some of the Russian banks that are of concern to MAS include: VTB Bank Public Join Stock Company, The Corporation Bank for Development and Foreign Economic Affairs Vnesheconombank, Promsvyazbank Public Joint Stock Company, and Bank Rossiya.
The sanctions against Russia affect all financial institutions in Singapore, including banks, finance companies, insurance issuers, capital intermediaries, securities exchanges, payment service providers.
Singapore is among the latest countries to impose sanctions on Russia after most countries acted so as a sign of protest against Russia invading Ukraine.
Economic sanctions imposed on banks, oil exports and the military paid off when the country's finances plummeted.
The proof is, the value of the Russian currency reached $ 0.006519 per ruble unit. It was one of the worst performances of all time.
Even so, MAS has urged digital payment service providers not to get involved with Russia as the potential for the country to avoid economic sanctions is very high.
