Singapore’s largest banks are reported to have introduced restrictions on trade financing for Russian commodities following the invasion of Ukraine.
The move by DBS Group, Oversea-Chinese Banking Corp and United Overseas Bank is said to have been motivated by a desire to reduce exposure to the sanction-hit country.
The limits include a halt on issuing so-called letters of credit in US dollars for trades involving Russian commodities, including oil and LNG, reported Bloomberg, quoting unnamed sources.
