On 5 March 2022, the Ministry of Foreign Affairs issued a Press Release together with two annexed Factsheets setting out the details of the Singapore Government’s sanctions against Russia in response to its invasion of Ukraine. Broadly, the current and anticipated sanctions are as follows:
- A ban on the export, transit, and transhipment to Russia of strategic military and high technology goods which can be used for both commercial and military purposes; and
- Prohibitions imposed on financial institutions in Singapore against dealing with, among other things, four designated Russian banks as well as fund-raising activities benefiting the Russian government.
This Update highlights what exporters, shippers, financial institutions, issuers listed on the Singapore Exchange Securities Trading Limited (SGX-ST) and other organisations in Singapore should take note of in navigating the rapidly evolving legal and regulatory changes arising from the sanctions imposed by the Singapore Government and other jurisdictions against the Russian government, and its banks and related entities.
For more information, click here to read the full Legal Update.
