Rebuild U

Business Development for the Future

Singapore government freezes assets of 4 Russian banks under economic sanctions

On May 5, the Singapore government announced economic and financial sanctions against Russia for its invasion of Ukraine. In addition to freezing the assets of four banks, including VTB Bank, Russia's second largest bank, the government will prohibit the use of crypto assets (virtual currency) to circumvent the sanctions. Exports of computers and telecommunications equipment that can be used for military purposes will also be prohibited. The government has made it clear that it will keep pace with the U.S., Europe, and Japan, which have already imposed severe economic and financial sanctions on Russia.

Nihon Keizai Shimbun