Prohibitions imposed on financial institutions[1] in Singapore against dealing with, among other things, four designated Russian banks as well as fund-raising ...
- Entering into or facilitating any transactions involving cryptocurrencies, to circumvent any of the prohibitions in (a) to (e) above. To-date, despite strong condemnation in the United Nations General Assembly, as well as a swath of sanctions imposed by various jurisdictions, there are no signs of Russian forces withdrawing from Ukraine. Further military escalation therefore seems likely, and an expansion sanctions against Russia by Singapore and other countries cannot be ruled out. Where the issuers assess, or are aware, that there has been a material change in the issuer’s risk of being subject to sanctions, the issuer should immediately announce the inherent risk exposure on SGXNET, stating the details as prescribed by SGX RegCo. SGX may query or require the issuer to take steps to address the sanctions-related risks including suspension of the issuer’s securities. Issuers listed on the Singapore Exchange Securities Trading Limited ("SGX-ST") are reminded to take note of the Guidance on "What SGX expects of issuers in respect of sanctions-related risks, subject or activity" issued by the Singapore Exchange Regulation ("SGX RegCo") on 7 March 2022. SGX noted that the Russian government is the ultimate controlling party of Gazprom and has a controlling interest (including both direct and indirect ownership) of over 50% in it. The Singapore Government and MAS will also cease investing in newly issued securities of the above entities.
Despite being far away from Ukraine, the government of Singapore has not only voiced its condemnation of Russia's invasion, but has also taken the rare step ...
It is not the first time that Singapore has been vocal in condemning Russian actions. Therefore, Singapore has been consistent in its stand of firmly opposing any kinds of invasions, especially in cases when smaller states have been invaded by bigger powers, such as when Indonesia invaded East Timor and Vietnam, backed by the Soviet Union, invaded Cambodia. As Foreign Minister Vivian Balakrishnan told Parliament last week, “Ukraine is much smaller than Russia, but it is much bigger than Singapore.” By swiftly condemning Russia’s invasion of Ukraine, Singapore does both speaks for itself and acts as a leader and representative of the world’s other small, vulnerable states. Of course, survival is a concern for any state, but for small states like Singapore, it is undoubtedly more pressing due to their vulnerabilities and relative lack of strength in the world system. In the hope that small states could be given more “ strategic weight” in the United Nations, in 1992 Singapore established and has chaired the Forum of Small States, an informal and non-ideological grouping of small nations. The decision is rooted in Singapore’s perceived leadership role among small states and its long-time concerns and worries about the survival of such states in the international system. Despite being far away from Ukraine, the government of Singapore has not only voiced its condemnation of Russia’s invasion, but has also taken the rare step of imposing unilateral sanctions on the country.
The sanctions were first announced in parliament on 28 February 2022, and the specifics were released on 5 March 2022.
We can guide you on the Singapore Strategic Goods (Control) Order 2021 and compliance of your transactions. There are also financial measures applicable to all financial institutions in Singapore. Interestingly, the sanctions specifically mention financial transactions which involve cryptocurrency will also be covered. There will be no permitted export of military goods, or of any and all items in the Electronics, Computers and Telecoms and Information Security categories of the Dual-Use Goods List of the Strategic Goods (Control) Order 2021.