Crypto Hub Singapore Slams Russia with Sanctions

Crypto Hub Singapore

March 6, 2022

Reading Time: 1 minute

According to a former diplomat, Singapore will slam unilateral sanctions on Russia, marking the first time in decades that the city-state has censured a foreign country without the support of the United Nations Security Council.

According to a statement issued by the Ministry of Foreign Affairs on Saturday, sanctions include the imposition of export controls on goods that are potential weapons, financial measures on designated Russian banks, and restrictions on cryptocurrency transactions that can be used to circumvent financial sanctions.

Singapore’s financial institutions are also barred from offering services that might assist Russia’s government in raising more funds. Singapore’s trade in products with Russia is expected to be about S$5 billion ($3.7 billion) in 2021, according to an email from a Ministry of Trade and Industry spokeswoman, with imports from Russia and Ukraine accounting for 0.8 percent of overall imports to the city-state.

GIC Pte., Singapore’s sovereign wealth fund, said that it would no longer invest government money in freshly issued Russian sovereign and central bank debt.

“GIC continues to examine the Russian-Ukrainian situation and will guarantee compliance with all applicable rules and regulations,” an email from a GIC representative stated.

Singapore is the first Southeast Asian country to impose sanctions on Russia. Meanwhile, the United States, the United Kingdom, and some European nations have imposed sanctions. Japan is also planning to set a few limitations on Russia’s cryptocurrency business.

Regional leaders are concerned about the possible consequences of the conflict, with Asean foreign ministers urging for an urgent ceasefire soon.

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