Singapore prohibits doing business, freezes assets of 4 Russian FIs

MAS has ordered all of their assets in Singapore to be frozen.

The Monetary Authority of Singapore (MAS) has prohibited financial institutions (FIs) in its jurisdiction to do business or offer financial services to four Russian entities, the Russian government, the Central Bank of the Russian Federation, and Ukraine’s breakaway regions of Donetsk or Luhansk

Financial entities sanctioned include VTB Bank Public Joint Stock Company, Promsvyazbank Public Joint Stock Company, Bank Rossiya, and Vnesheconombank (The Corporation Bank for Development and Foreign Economic Affairs). 

FIs in Singapore are also barred from doing business with the Russian government and the Central Bank of the Russian Federation. This includes purchasing, selling, providing financial services for, assisting in the issuance of, or dealing with securities or certificates of deposit issued by Russia’s government or central bank.

Banks are also ordered not to enter into financial transactions or provide financial services to Donetsk and Luhansk.

Singapore FIs are further prohibited from establishing any new business relations, undertaking or entering any financial transaction, providing financial assistance, or transferring financial assets as well as “other assets or resources” with the four banks.

FIs who have possession, custody, or control in Singapore of any funds or assets owned or controlled directly or indirectly by the four banks were ordered to immediately freeze them.

They are also asked to ensure that such funds, financial assets, or economic resources are not made available to the sanctioned banks.