Asia/Pacific News
Singapore Imposes Sanctions on Russia Over Ukraine Invasion
Monday March 7, 2022
Singapore's government has joined efforts to impose sanctions on Russia following its invasion of Ukraine.
Singapore has sanctioned four Russian banks: VTB, Vnesheconombank, Promsvyazbank and Bank Rossiya, news agency Reuters reported on Saturday. The city-state's financial institutions are also banned from entering into deals with or providing services that facilitate fundraising for the Russian government, its central bank or entities under their control.
Singapore's decision follows similar moves by US and European authorities last week in response to the war in Ukraine. But the sanctions have thus far left energy exports from Russia -- the country's key source of foreign earnings -- little changed.
