The Monetary Authority of Singapore (MAS) has issued instructions to the financial institutions under its regulation regarding transactions with Russian entities, amid global sanctions on Moscow after it invaded neighbouring Ukraine.

According to a notice from the MAS, financial institutions are prohibited from dealing with designated Russian banks and other entities, and are ordered to freeze any Russian assets under their control.

These banks include VTB Bank Public Joint Stock Company, The Corporation Bank for Development and Foreign Economic Affairs Vnesheconombank, Promsvyazbank Public Joint Stock Company and Bank Rossiya. More prohibited entities will be announced later by the MAS.

Singaporean financial institutions are also forbidden from activities that raise new funds for the Russian government, the Russian central bank, and other entities they own or control.

In a second notice, the MAS outlined exceptions to the ban, which include basic expense and “responsible fees” for certain services. These services include insurance premiums, remuneration of employees, tax, mortgage payments, utility or telecommunication charges, and other expenses that are necessary to comply with regulatory requirements.

The MAS also extended the Russian sanctions to non-financial institutions and natural persons in Singapore, requiring them to comply with sanctions requirements regarding UN-designated individuals and entities. These prohibit dealing with property of designated persons and providing resources and services to benefit the designated persons. Aside from Russia, Singapore also applies the sanctions to North Korea and Iran.