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Ukraine war

Singapore sanctions 4 Russian banks, blocks crypto loophole

Asia financial hub calls Ukraine invasion 'clear violation of international law'

Singapore has announced details of its sanctions on Russia -- aligning itself with many other countries.   © Reuters

SINGAPORE -- Singapore on Saturday announced sanctions against four Russian banks along with the Russian government, joining Japan, South Korea, Taiwan and many Western countries in pressuring Moscow over its invasion of Ukraine.

The Asian financial hub had previously said it intended to act in concert with like-minded governments. According to details revealed by the foreign ministry, all financial institutions in Singapore -- from lenders and insurers to securities exchanges and payment service providers -- will be prohibited from conducting transactions or establishing business relationships with VTB Bank, Vnesheconombank (VEB), Promsvyazbank and Bank Rossiya.

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