"These sanctions and restrictions aim to constrain Russia's capacity to conduct war against Ukraine and undermine its sovereignty," said MFA.
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SINGAPORE - Banks and other financial institutions here will be banned from doing business with four Russian banks, as part of sanctions the Republic is imposing to hit the Russian economy for the invasion of Ukraine. The sanctions will also involve a ban on the export of certain goods to Russia, including electronics, computers and military goods, said the Ministry.
In response to the increased escalation in Ukraine, on February 24, 2022, the United States imposed another round of sanctions against Russian financial institutions, state-owned agencies.
In response to Russia's invasion of Ukraine, President Biden announced sanctions against Russia. Following an executive order issued on February 21, 2022, the U.S. Department of Treasury's Office of Foreign Assets Control.