MAS issues notices to FIs on financial measures in relation to Russia
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Singapore
THE Monetary Authority of Singapore (MAS) on Monday (Mar 14) issued 2 notices to all financial institutions (FIs), setting out financial measures in relation to Russia, and categories of payments and transactions that are excluded from the scope of financial measures.
Similar to an announcement by the Ministry of Foreign Affairs on Mar 5, MAS's first notice said that FIs are prohibited from dealing with designated banks and entities, and would need to freeze such assets or funds that may already be in their control in Singapore. There were 4 designated banks named in the notice: VTB Bank Public Joint Stock Company; The Corporation Bank for Development and Foreign Economic Affairs Vnesheconombank; Promsvyazbank Public Joint Stock Company; and Bank Rossiya.
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