DBS Bank, one of Singapore's big three banks.

Singapore banks halt lending for Russian energy trades: report

DBS, OCBC, and UOB have reportedly stopped issuing letters of credit.

Singapore's biggest banks are reportedly restricting trade financing for Russian raw materials amidst the war in Ukraine, reports Bloomberg, according to anonymous sources.

DBS Group Holdings, Oversea-Chinese Banking Corp, and United Overseas Bank have reportedly stopped issuing letters of credit involving Russian energy deals because of uncertainty over the course of sanctions, said these sources, who spoke on condition of anonymity.

The move comes as Singapore's Foreign Minister Vivian Balakrishnan said in a Parliament speech that the government would block certain Russian banks and some financial transactions involving Russia, though details are still being worked out. (Read more: Singapore to block certain Russian banks, financial transactions)

“DBS will comply with all applicable sanctions,” the bank said in response to a request for comment.

“Separately, we have minimal direct exposure to Russia, and consistent with our risk management obligations, have adjusted appetite for transactions consuming Russian exposure limits,” the bank added.

Read more from Bloomberg.

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