In response to Russia’s invasion of Ukraine, the Singapore Government has imposed 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 are therefore specifically prohibited from facilitating transactions that could aid the circumvention of the financial measures. Details of these financial measures can be found in these Notices:

• Notice SNR-N01 Financial Measures in Relation to Russia (220.9 KB)
• Notice SNR-N02 Financial Measures in Relation to Russia – Non-prohibited Payments and Transactions