Sanctions against Russia: Regulations for Financial Institutions

What are the financial measures imposed by MAS in relation to Russian sanctions?


  • Details of the measures outlined below can be found in MAS Notice SNR-N01. Under this notice, MAS directs that all financial institutions comply with the following: 

    According to MAS (Notices)
    last revised 14 March 2022

    3. PROHIBITION AGAINST DEALING WITH, AND FREEZING OF ASSETS OF, DESIGNATED BANKS AND DESIGNATED ENTITIES

    4. PROHIBITION AGAINST ENTERING INTO FINANCIAL TRANSACTIONS OR PROVIDING FINANCIAL ASSISTANCE OR SERVICES, ETC., IN RELATION TO THE DELIVERY OF CERTAIN ITEMS 

    5. PROHIBITION AGAINST ENTERING INTO FINANCIAL TRANSACTIONS OR PROVIDING FINANCIAL ASSISTANCE OR SERVICES, ETC., IN RELATION TO THE RAISING OF NEW FUNDS FOR THE RUSSIAN GOVERNMENT AND THE CENTRAL BANK OF THE RUSSIAN FEDERATION 

    6. PROHIBITION AGAINST ENTERING INTO FINANCIAL TRANSACTIONS OR PROVIDING FINANCIAL ASSISTANCE OR SERVICES, ETC., IN RELATION TO THE BREAKAWAY REGIONS OF DONETSK AND LUHANSK

    7. PROHIBITION AGAINST DIGITAL PAYMENT TOKEN TRANSACTIONS

    A financial institution must not enter into or facilitate any digital payment token transaction where the proceeds or benefits from such transaction may be used to facilitate any of the transactions or activities prohibited in paragraphs 3 to 6

    9. DUTY TO PROVIDE INFORMATION

    The designated banks and entities specified under paragraph 3 are:

    1 VTB Bank Public Joint Stock Company
    2 The Corporation Bank for Development and Foreign Economic Affairs Vnesheconombank
    3 Promsvyazbank Public Joint Stock Company
    4 Bank Rossiya