Singapore imposes sanctions against Russia, to restrict digital assets transactions

Called by many an ‘unprecedented move,’ Asian city-state Singapore has imposed several sanctions against Russia as a direct consequence of its invasion of Ukraine.

Per the statement released, the Singapore government will impose a ban on products and weapons that could be used to bring about destruction to Ukraine or might contribute to ‘offensive cyber operations.’

Apart from restricting the export of Military items and products under the “Electronics”, “Computers”, and “Telecommunications and Information Security” categories, the government has imposed financial sanctions as well.

Sanctions include financial institutions restricted from entering into transactions or establishing business relationships with four Russian banks. They are also barred from providing services that would aid Russia’s government in raising new funds, including cryptocurrencies.

The statement has emphasized that the mentioned sanctions apply to all financial institutions in the country, including ‘digital payment token service providers.’ It noted:

“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.”

Singapore has joined the long list of countries that have implemented heavy sanctions against Russia over its allegedly ‘unprovoked war’ against Ukraine. Ukraine has also received support from the cryptocurrency community, raising nearly $70 million from crypto donations alone.

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