Singapore, in an unusual step, imposed sanctions on Russia in response to its invasion of Ukraine. The Russian Central Bank, cryptocurrency transactions, electronics export bans, and military sanctions are all part of the penalties. Singapore, which is recognized as Asia’s financial capital, rarely imposes economic sanctions on any country.
Singapore has imposed limitations without the support of the United Nations Security Council for the first time in decades. The island nation, on the other hand, has already enacted trade finance restrictions with Russia. Trade between the two countries is expected to reach $3.5 billion in 2021.
According to sources, Singapore is the only Southeast Asian country that has imposed sanctions on Russia. Meanwhile, the United States, the United Kingdom, and a number of European countries have imposed sanctions. Japan is also preparing to impose a number of limitations on Russia’s cryptocurrency business in order to harm it.
Russian banks were previously barred from using the SWIFT global payment network as a result of the allies’ sanctions. The Russian Ruble has dropped by more than 30% as a result of this decision.
Because these rules will apply to both traditional and cryptocurrency markets, this might be a major setback for the Russian government. Meanwhile, Singapore’s services that might assist Russia in raising additional funds will be suspended.
Russians have reportedly invested over 5 trillion rubles ($46.6 billion) in cryptocurrencies, making the country the third-largest cryptocurrency miner behind the United States and Kazakhstan. The alliance of some states will almost certainly seek for total devastation of Russia’s crypto business by imposing more effective sanctions.
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