Singapore sets financial restrictions related to Russia

The Monetary Authority of Singapore (MAS) has set out financial measures concerning Russia and categories of payments and transactions that are excluded from the scope of financial measures. MAS issued notices to all financial institutions (FIs) prohibiting them from dealing with designated banks and entities and ordered them to freeze such assets or funds that may already be in their control in Singapore. Designated entities refer to entities involved in delivery of military-related goods or certain electronics, computers or telecommunication goods to Russia. FIs are also prohibited from entering into financial transactions or providing financial assistance or services relating to the raising of new funds for the Russian government and the central bank of Russia, as well as any entity owned or controlled by them or acting on their behalf or direction.