In curtailing all Russia-related transactions, OCBC’s move shows how banks are getting more cautious as Russia’s war with Ukraine drags into its third year, triggering more sanctions and scrutiny. While Singapore’s government imposed unilateral targeted sanctions on Moscow in March 2022, targeting some Russian banks, crypto-trading activities and exports of certain goods, many other banking and wealth management activities for non-sanctioned parties have carried on.
Oversea-Chinese Banking Corp (OCBC) will stop handling any transactions involving Russia as it moves to cut exposure to the nation hit with global sanctions.
Singapore’s second-largest lender has told customers, including private bank clients, in recent weeks that the restrictions will kick in from Nov. 1, according to a person with knowledge of the matter. OCBC cited operational challenges in managing regulatory compliance, the person said, asking not to be identified as the matter isn’t public.
