Connect with us

Business

Russo-Ukrainian war: Singapore imposes financial measures at designated Russian banks, activities

Financial institutions in Singapore will be prohibited from conducting business relationships with VTB, Vnesheconombank, Promsvyazbank, and Bank Rossiya.
Admin

Published

3 years ago

on

ehimetalor akhere unuabona kQaIJQN9SZE unsplash

The Singapore Government, in response to Russia’s invasion of Ukraine, on Saturday (5 March) said it will impose financial measures targeted at designated Russian banks, entities and activities in Russia, and fund-raising activities benefiting the Russian government.

Digital payment token service providers will be specifically prohibited from facilitating transactions that could aid the circumvention of the financial measures.

These measures apply to all financial institutions in Singapore, including banks, finance companies, insurers, capital markets intermediaries, securities exchanges, and payment service providers.

Financial institutions in Singapore will be prohibited from the following:

(a) Entering into transactions or establishing business relationships with the following Russian banks:

  • VTB Bank Public Joint Stock Company;
  • The Corporation Bank for Development and Foreign Economic Affairs Vnesheconombank;
  • Promsvyazbank Public Joint Stock Company; and
  • Bank Rossiya.

Where there are existing business relationships, financial institutions must freeze any assets and funds of these four banks.

(b) Providing financing or financial services in relation to the export from Singapore or any other jurisdiction of goods subject to Singapore’s export controls on Russia. These goods comprise all items in the Military Goods List and specified categories in the Dual-Use Goods List of the Strategic Goods (Control) Order 2021.

(c) Providing financial services in relation to designated Russian non-bank entities which are involved in activities in (b). Where there are existing business relationships, financial institutions must freeze any assets and funds of these designated entities.Details on the designation of non-bank entities will be provided subsequently.

(d) Entering into transactions or arrangements, or providing financial services that facilitate fund raising by:

  • the Russian government;
  • the Central Bank of the Russian Federation;
  • any entity owned or controlled by them or acting on their direction or behalf.

The prohibitions apply to buying and selling new securities, providing financial services that facilitate new fund raising by, and making or participate in the making of any new loan to the above entities.

The Singapore Government and Monetary Authority of Singapore will also cease investing in newly issued securities of the above entities.

(e) Entering into transactions or providing financial services in relation to the following sectors, in the breakaway regions of Donetsk and Luhansk:

  • transport;
  • telecommunications;
  • energy; and
  • prospecting, exploration and production of oil, gas and mineral resources.

(f) Entering into or facilitating any transactions involving cryptocurrencies, to circumvent any of the above prohibitions in (a) to (e). The prohibited cryptocurrency transactions cover all transactions that involve cryptocurrencies and extend to the payment and settlement of transactions that relate to digital assets (such as non-fungible tokens).

 

Photo credit: Ehimetalor Akhere Unuabona on Unsplash
Published: 7 March, 2022

Related Topics:
Continue Reading

Newbuilding

Singapore: Pinnacle Marine’s first B100 fuelled utility boat starts 1,000-hour research trial

Newbuilding operated by Prestige Ocean Pte Ltd will capture data on bunker fuel emissions, marine fuel behaviour, and performance.
Admin

Published

3 hours ago

on

July 9, 2025

By

President MT

The 50th vessel constructed by local boat builder Pinnacle Marine (Singapore) Pte Ltd, namely President 100, is starting 1,000 hours of real-time research trials in collaboration with several parties from Wednesday (9 July) onwards, it says.

Powered by B100 biodiesel, the newbuilding operated by Prestige Ocean Pte Ltd will capture data on bunker fuel emissions, marine fuel behaviour, and performance.

It will be participating in trials with Maritime Energy & Sustainable Development Centre of Excellence (MESD), Weichai Singapore, China Classification Society, Pacific International Lines (PTE) Ltd, Abo Shoten, Ltd. / 株式会社安保商店 , Abo Singapore, Wilmar International, Gulf Marine, Amspec Testing & Services, and AYK Engineering and Consulting.

President MT 02

The President 100, Pinnacle Marine’s first full biodiesel utility boat, was launched on Tuesday in the presence of over 100 guests.

“Our latest vessel, President 100, merges legacy and future. Named after our first aluminium boat (“President”) and inspired by B100 biodiesel, it leads the charge for our next 50 vessels — many of which will embrace green technology,” stated Pinnacle Marine in a LinkedIn post.

“The launch was amazing, with strong turnout from across the maritime sector — authorities, shipowners, operators, agencies, chandlers, researchers, offshore engineers, and petrochemical suppliers.”

It added: “We’re excited to see how it paves the way for wider adoption of B100 biodiesel — a cleaner, sustainable path for Singapore’s harbour craft sector.”

 

Photo credit: Pinnacle Marine (Singapore) Pte Ltd
Published: 9 July 2025

Continue Reading

Newbuilding

BHP awards charter contracts for two ammonia dual-fuelled bulk carriers

BHP continues to work with the maritime industry to develop an ammonia bunkering plan for the two vessels when they are delivered from 2028.

Admin

Published

3 hours ago

on

July 9, 2025

By

BHP ammonia DF charters

Global resources company BHP on Wednesday (2 July) signed contracts with COSCO Shipping Bulk Co., Ltd., a subsidiary of COSCO shipping Group (COSCO Shipping) for the charter of two ammonia dual-fuelled Newcastlemax bulk carriers.

The new vessels to be built under this arrangement will be two of only a handful of vessels in the world capable of using ammonia as a bunker fuel.

The two vessels, expected to be delivered from 2028, will primarily transport iron ore from Western Australia to Northeast Asia.

When run on lower or low to zero greenhouse gas (GHG) emissions ammonia, these vessels will be capable of reducing GHG emissions by at least 50% and up to 95% on a per voyage basis compared to a conventionally fuelled voyage.

The five-year time charter contracts are expected to contribute towards a reduction in the GHG emissions intensity of BHP chartered shipping.

BHP continues to work with the maritime industry to develop an ammonia bunkering plan – the process of fuelling ships with ammonia – for the two vessels when they are delivered from 2028.

Sourcing lower and low to zero GHG emissions ammonia is subject to an ongoing tender process.

 

Photo credit: BHP
Published: 9 July 2025

Continue Reading

Milestone

Everllence celebrates 1,000th ME-GI engine; milestone unit goes to Hapag-Lloyd

Engine, a 7G95ME-GI type, bound for a Hapag-Lloyd container vessel currently under construction at Jiangsu New Yangzi Shipbuilding Co., Ltd.
Admin

Published

3 hours ago

on

July 9, 2025

By

festakt hapag lloyd thumbnail MT

Everllence, formerly known as MAN Energy Solutions, on Tuesday (8 July) celebrated the order of its 1,000th ME-GI engine that can run on either heavy fuel oil or liquefied natural gas (LNG) as a bunker fuel.

The engine, a 7G95ME-GI type, is bound for a Hapag-Lloyd container vessel currently under construction at Jiangsu New Yangzi Shipbuilding Co., Ltd. where it is designated as hull #1721.

Rolf Habben Jansen, CEO of Hapag-Lloyd, said: “We are proud to mark this milestone with our partner, Everllence. The order for the 1,000th ME-GI engine reflects our commitment to decarbonising global supply chains. Dual-fuel technologies like the ME-GI are a key step on our journey to a low-emission fleet and support our ambition to drive change across the industry.”

Dr Uwe Lauber, CEO of Everllence, added: “Considering that the strongest interest in the ME-GI engine has come from the container segment, it is fitting that this significant milestone should be reached with an order from such a prestigious container player as Hapag-Lloyd. On the path to net-zero, the marine industry needs pioneers and Hapag-Lloyd is leading the way by example.”

“2025 has seen a large increase in ME-GI orders as methane makes for an excellent transition fuel on the way to decarbonising shipping. The ME-GI’s market-leading efficiency and technological maturity – as well as lowest methane slip – have confirmed its status as the marine industry’s default, dual-fuel, methane-fuelled engine.”

 

Photo credit: Everllence
Published: 9 July 2025

Continue Reading

Trending