Singapore-based OCBC will reportedly further cut risks linked with Russia by halting transactions involving the country.
OCBC will stop handling Russia-linked transactions, according to a «Bloomberg» report citing unnamed sources. This includes transactions that cover the transport of goods and supply or sale of goods or services involving Russia as well as personal remittances involving counterparties in the country. The new rules will also be applicable to OCBC’s private banking unit, Bank of Singapore.
This marks a further reduction of related risks after the bank stopped opening accounts for clients linked to Russia in the last two years.
Following the Russian invasion of Ukraine in February 2022, the Singapore government imposed unilateral targeted sanctions on Moscow a month later.
