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Singapore hits Russian banks, crypto funding under sanctions

Bloomberg3/5/2022 12:49 PM GMT+08  • 3 min read
Singapore hits Russian banks, crypto funding under sanctions
Singapore’s biggest banks are already restricting trade financing for Russian raw materials
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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.

“For a small state like Singapore, this is not a theoretical principle, but a dangerous precedent. This is why Singapore has strongly condemned Russia’s unprovoked attack on Ukraine,” the ministry said in the statement.

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