Bermuda, Singapore Announce Bank Sanctions: Sanctions Update
3/14/2022
On Sunday, financial regulators in The Bahamas ordered the country’s financial institutions to halt all transactions with Russian and Belarusian entities that have been put under sanction by Western nations, according to Reuters.
Separately, Bermuda’s aviation regulator said over the weekend it was suspending permits for Russian-operated planes over safety oversight concerns. The move could ground 745 plans.
Singapore’s central bank also announced sanctions against Russia. Bloomberg reports that, besides targeting banks and other financial institutions, the Monetary Authority of Singapore also announced that, “digital payment token service providers are prohibited from facilitating transactions that could aid the circumvention of the financial measures.”
On Monday, Deutsche Bank shares were trading up 8 percent after the bank announced Friday it would reverse course and wind down Russia operations. Last week, Goldman Sachs became the first major bank to announce it was winding down its Russia business. In an interview published Sunday on Time.com, Goldman Sachs CEO David Solomon said it's not Wall Street's job to "ostracize Russia," saying “I don't think businesses are supposed to decide how global trade works in the world. Government sets policy and then businesses follow that policy.” Solomon also said he strongly supported the sanctions against Russia.
Related sanctions news:
- European banks take steps to insulate IT systems in Russia (American Banker)
- Australia joins allies, sanctions 33 Russian oligarchs (The Hill)
- Swiss Re, other European financial institutions turn away from Russia (International Business Times)
- World’s central banks set policy for economies shaken by the war (Bloomberg)
- Russia lost access to half its reserves, finance minister says (Bloomberg)
- Russian central bank decides not to reopen stock market trading next week (Business Insider)
- Bangladesh Bank asked all banks to stop transactions through the SWIFT system (Business Insider)