In a move without precedent for decades, the government of Singapore’s Monetary Authority has introduced unilateral sanctions and export controls – in response to the invasion of Ukraine.
On 5 March, the Ministry of Foreign Affairs said that as Russia had vetoed the UN resolution condemning its aggression against Ukraine, it would ‘act in concert with many other like-minded countries to impose appropriate sanctions and restrictions against Russia.’
The measures include both financial sanctions and export controls, and include a ban on the transfer to Russia of: ‘(a) all items in the Military Goods List and (b) all items in the “Electronics”, “Computers”, and “Telecommunications and Information Security” categories of the Dual-Use Goods List of the Strategic Goods (Control) Order 2021.’
Financial measures are ‘targeted at designated Russian banks, entities and activities in Russia, and fund-raising activities benefiting the Russian government. Digital payment token service providers are specifically prohibited from facilitating transactions that could help to circumvent these financial measures. These measures apply to all financial institutions in Singapore, including banks, finance companies, insurers, capital markets intermediaries, securities exchanges and payment service providers.’
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Singapore blocks exports of military, electronic, computer and telecoms kit to Russia
