Just-In: Crypto Hub Singapore Slams Russia With Sanctions

In a rare move, Singapore introduced sanctions against Russia over its Ukrainian invasion. The sanctions include restriction over the Russian Central Bank, cryptocurrency transactions, an export ban on electronics, and military. Singapore known as the financial hub of Asia rarely applies economic restrictions over any country.

Rare action taken by Singapore

This is the first time in decades that Singapore has instigated restrictions without the assistance of the United Nations Security Council. However, the island nation has already implemented curbs over trade financing with Russia. In 2021, the trade between the two nations has amounted to over $3.5 Billion.

For a small state like Singapore, this is not a theoretical principle, but a dangerous precedent, the Ministry of Foreign Affairs, reports Bloomberg. This is why Singapore has strongly condemned Russia’s unprovoked attack on Ukraine, it added

More sanctions over Russia

As per reports, Singapore is the only Southeast Asian nation to force sanctions against Russia. Meanwhile, the U.S, U.K, and some European countries have already put sanctions in the power. Japan is also preparing to hit Russia with a couple of restrictions to damage its Cryptocurrency industry.

Earlier, The sanction imposed by the allies blocked Russian banks from the SWIFT global payment network. This move has sent the Russian Ruble down by more than 30%.

How restrictions will affect Russia?

This can prove to be a big blow for the Russian Government as these measures will apply to both the traditional and cryptocurrency markets. Meanwhile, this will likewise stop Singapore’s services that would help Russia in raising new funds.

As per reports, Russians have invested around 5 trillion rubles ($46.6 billion) in cryptocurrency while the country is the third-largest crypto miner after U.S. and Kazakhstan. By applying more effective sanctions on Russia’s crypto industry, the union of some nations will surely aim for total destruction of it.