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Singapore Hits Russian Banks, Crypto Funding Under Sanctions

  • Sanctions on export controls, measures on Russian banks
  • Restrictions on digital payment token service providers
Updated on

Singapore will impose unilateral sanctions against Russia, a move a former diplomat said was the first time in decades that the city-state was censuring a foreign nation without backing from the United Nations Security Council.

Sanctions include the imposition of export controls on items that can be used as weapons, targeted financial measures on designated Russian banks and restrictions on cryptocurrency transactions that may be used to circumvent financial sanctions, according to a statement from the Ministry of Foreign Affairs on Saturday.