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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.
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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

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Legal

Shell Singapore charged over Pulau Bukom oil leaks, reporting delays

Shell faces four charges under Singapore’s Prevention of Pollution of the Sea Act over two 2024 oil discharge incidents at its Pulau Bukom facility.
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September 25, 2026

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2 MPA craft (left) supporting Shell craft in the clean up operations of the oil sheens taken on 28 Dec 9am

Shell Singapore has been charged over two incidents in 2024 involving oily mixtures discharged into Singapore waters from its facilities at Pulau Bukom, according to media reports on Tuesday (22 September). 

The company faces four charges under the Prevention of Pollution of the Sea Act, including allegations that it failed to report the discharges to the port master immediately. 

The first incident occurred on 20 October 2024, when approximately 40 metric tonnes (mt) of oily mixture was discharged through a hole in a pipeline at the Shell Singapore Energy and Chemicals Park at about 8am.

Shell is accused of reporting the incident to the port master at about 12.55pm, several hours after the discharge occurred. 

The second incident took place between 26 and 28 December 2024. An estimated 485kg to 956kg of oil mixture was discharged into Singapore waters from the same facility.

Shell is accused of failing to report the incident immediately, with notification to the port master made at about 11.50am on 26 December 2024, according to the charges.

Singapore’s pollution-prevention regulations require occupiers of such facilities to report oil or oily-mixture discharges into Singapore waters “without delay and to the fullest extent possible”.

Shell’s representative requested an eight-week adjournment at the 22 September hearing, citing the need to obtain internal instructions, appoint counsel and locate historical records. The company said the business associated with the incidents had been divested in 2025.

The case was adjourned to October. Shell is also facing prosecution by Singapore’s National Environment Agency over the same incidents.

Related: Shell reports up to 40 mt of slop leaked from pipeline into Singapore waters
Related: Singapore: No new oil sightings after recent pipeline leak and bunkering incidents
Related: Singapore: Clean-up of oil from Shell pipeline leak to be completed in days
Related: Singapore: Oil leak at Pulau Bukom stopped; cleanup of oil sheens completed

 

Photo credit: Maritime and Port Authority of Singapore
Published: 25 September, 2026

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Incident

MPA probes Singapore Strait collision involving fishing vessel, bulk carrier

MPA says there were no reported injuries among the crew of either vessel in the incident involving China-registered fishing vessel “Lu Qing Yuan Yu” and Panama-registered bulk carrier “First Margaux” .

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September 25, 2026

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Panama-registered bulk carrier “First Margaux”

The Maritime and Port Authority of Singapore (MPA) on Tuesday (22 September) said it is investigating the incident involving the China-registered fishing vessel Lu Qing Yuan Yu and the Panama-registered bulk carrier First Margaux in the Singapore Strait on 17 September.

MPA said there were no reported injuries among the crew of either vessel or pollution arising from the incident and navigational traffic was not affected.

Videos circulating on social media showed the bulk carrier colliding with the fishing vessel.  

“The fishing vessel took on water during the incident but remained afloat and stable, with the crew taking measures to manage the situation onboard,” MPA said. 

The vessel was subsequently towed to Raffles Reserved Anchorage for assessment. 

Essential crew remained onboard to support the tow, while the Singapore Civil Defence Force supported the transfer of other crew to shore. 

MPA added it also issued navigational safety broadcasts to keep other vessels clear of the tow and escorted the vessel into port with a MPA craft.

 

Photo credit: MarineTraffic / Arnold Pohen
Published: 25 September, 2026

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Mass Flowmeter

TFG Marine deploys first MFM-equipped bunker barge in Jamaica

Bunker barge “Kingston Trader” is currently on its way to Jamaica following the successful installation of a Coriolis mass flow meter (MFM) system, certified to ISO 22192.
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September 25, 2026

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TFG Marine deploys first MFM-equipped bunker barge in Jamaica

Global marine fuel supply and procurement firm TFG Marine on Thursday (24 September) said its bunker barge Kingston Trader is currently on its way to Jamaica following the successful installation of a Coriolis mass flow meter (MFM) system, certified to ISO 22192.

The company said the latest installation brings the proportion of TFG Marine’s fleet equipped with MFMs to approximately 88%, marking another step in the continued rollout of this technology across its global bunkering operations.

“The barge will operate in Jamaica through our local partnership with Scott Petroleum, becoming the first bunkering vessel in the region equipped with this technology and bringing greater accuracy, transparency and assurance to fuel measurement for customers across the Caribbean,” TFG Marine said in a social media post. 

“Together with Scott Petroleum, we look forward to working collaboratively with the Maritime Authority of Jamaica, the The Port Authority of Jamaica, Petrojam Limited and other stakeholders to share our experience of MFM technology, explore its wider benefits and support the continued development of bunkering standards across the region.” 

Manifold Times previously reported TFG Marine continuing to expand MFM technology across its US Gulf Coast bunker fleet with Buffalo B414 and Buffalo B304 being fitted with the equipment. 

Last year, TFG Marine announced it reached a key milestone in its global digitalisation programme with the installation of an ISO 22192-compliant MFM on the Buffalo 404, a barge on time charter from American bunker barge company Buffalo Marine Service Inc.

The installation was part of TFG Marine’s wider strategy to equip close to 90% of its global bunkering fleet with MFMs by 2026 as a commitment towards improving data integrity, streamlining operations and strengthening trust in marine fuel transactions.

Related: TFG Marine advances global MFM rollout with two US Gulf bunker barges
Related: TFG Marine installs first ISO-certified mass flow meter on US Gulf bunkering barge

 

Photo credit: TFG Marine
Published: 25 September, 2026

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