Regulatory Alerts2026-02-26
Added
Financial Measures in Relation to Russia
The Singapore Government has imposed financial measures targeting designated Russian banks, entities, activities in Russia, and fund-raising benefiting the Russian government, in response to Russia's invasion of Ukraine. These measures apply to all financial institutions in Singapore, including digital payment token service providers who are specifically prohibited from facilitating transactions that could circumvent the restrictions. The latest amendment, MAS Notice SNR-N01 (Amendment) 2026, takes effect from February 27, 2026, updating previous notices issued under the Financial Services and Markets Act 2022.
Notices
Last Revised Date: 26 February 2026
Issued pursuant to: Section 3(1) of the Financial Services and Markets Act 2022
In response to Russia’s invasion of Ukraine, the Singapore Government has imposed financial measures targeted at designated Russian banks, entities and activities in Russia, and fund-raising activities benefiting the Russian government. These measures apply to all financial institutions in Singapore, including banks, finance companies, insurers, capital markets intermediaries, securities exchanges, and payment service providers. Digital payment token service providers are therefore specifically prohibited from facilitating transactions that could aid the circumvention of the financial measures. Details of these financial measures can be found in these Notices:
Notice SNR-N01 Financial Measures in Relation to Russia (220.9 KB)
Notice SNR-N02 Financial Measures in Relation to Russia – Non-prohibited Payments and Transactions
26 February 2026 MAS Notice SNR-N01 (Amendment) 2026 dated 26 February 2026 (226.4 KB)
takes effect from 27 February 2026.
22 October 2025
MAS Notice SNR-N01 dated 14 March 2022 (183.1 KB) and MAS Notice SNR-N02 dated 14 March 2022 (132.9 KB) were cancelled, and replaced by MAS Notice SNR-N01 dated 30 June 2025 and MAS Notice SNR-N02 dated 30 June 2025 respectively, with effect from 1 July 2025. Please see “ MAS Notices SNR-N01, SNR-N02 (Cancellation) 2025 (68.5 KB) ” .
The cancellation of MAS Notice SNR-N01 dated 14 March 2022 and MAS Notice SNR-N02 dated 14 March 2022 does not affect their previous operation prior to 1 July 2025.