Singapore: Adopted Singapore financial measures against Russia including digital payment tokens

On 14 March 2022, the government of Singapore adopted a series of financial measures targeting Russian banks and entities in response to the Russian invasion of Ukraine. The "Financial measures against Russia" apply to all financial institutions in Singapore, which comprises banks, finance companies, insurance companies, securities exchanges, and payment service providers. The government emphasised that digital payment token service providers are prohibited from facilitating transactions which circumvent these financial measures. Transactions are prohibited with the Russian government, the Russian Central Bank, any legal entity owned by them and any service assisting the regions of Donetsk and Luhansk.