In a rare move, Singapore imposed sanctions on Russia over the Ukrainian invasion. The sanctions include restrictions on the Russian Central Bank, cryptocurrency transactions, an export ban on electronics and military. Known as the financial center of Asia, Singapore rarely applies economic restrictions to any country.
Rare action taken by Singapore
This is the first time in decades that Singapore has imposed restrictions without the help of the United Nations Security Council. However, the island nation has already imposed restrictions on trade financing with Russia. In 2021, trade between the two countries exceeded $3.5 billion.
For a small state like Singapore, this is not a theoretical principle, but a dangerous precedent, the Foreign Ministry reports, Bloomberg reports. This is why Singapore has strongly condemned Russia’s unprovoked attack on Ukraine, it added:
More sanctions against Russia
According to reports, Singapore is the only Southeast Asian country to impose sanctions on Russia. Meanwhile, the US, UK and some European countries in power have already imposed sanctions. Japan is also preparing to hit Russia with some restrictions to harm its cryptocurrency industry.
Earlier, The sanction imposed by the allies blocked Russian banks from the global SWIFT payment network. This move has caused the Russian ruble to fall by more than 30%.
What impact will restrictions have on Russia?
This could be a major blow to the Russian government as these measures will apply to both the traditional and cryptocurrency markets. Meanwhile, this also stops Singapore’s services that would help Russia raise new funds.
According to reports, Russians have invested about 5 trillion rubles ($46.6 billion) in cryptocurrency, while the country is the third largest crypto miner after the US and Kazakhstan. By applying more effective sanctions to the Russian crypto industry, the union of some countries will certainly aim for its total destruction.
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About the author
Ashish believes in decentralization and has a keen interest in evolving Blockchain technology, the cryptocurrency ecosystem and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analyses. When he’s not writing, he plays video games, watches a thriller, or works out outside. Reach me at [email protected]
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