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Singapore slaps sanctions on Russian banks, cryptocurrency transactions

2022/03/05 05:13

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. The measures also ban Singapore’s financial institutions from providing services that would aid Russia’s central bank.
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