Singapore

Singapore

Enacts sanctions against the Russian Federation on strategic goods and financial activities

05 Mar 2022

On 5 March 2022, the Government of Singapore announced that, in order to constrain the Russian Federation’s capacity to conduct its war in Ukraine and cyber aggression, it revised the Strategic Goods Control System, which regulates the transfer (export, transit, and transshipment) of strategic goods which are generally military weapons or their parts as well as high technology goods which could be used for both commercial and military purposes. In particular, it informed that all permit applications to Russia involving (a) all items on the List of Military Goods under the SGCO; and (b) all category codes under Category 3 - Electronics, Category 4 - Computers and Category 5 – Telecommunications and “Information Security” on the List of Dual-Use Goods under the SGCO will be rejected.

In addition, the Singapore Government decided to impose financial measures targeted at designated Russian banks, entities and activities in Russia, and fund-raising activities benefiting the Russian Government. These measures apply to all financial institutions in Singapore, including banks, finance companies, insurers, capital markets intermediaries, securities exchanges, and payment service providers. Digital payment token service providers were prohibited from facilitating transactions that could aid the circumvention of the financial measures.

Nature of measure:
  • Treatment and operation
Type:
  • Treatment and operation (Capital transfer and FOREX)
Industry:
  • Services (Wholesale and retail trade, Financial and insurance activities)
Inward FDI:
No
Outward FDI:
No
Sources: