Wu said that according to Lianhe Zaobao, Singapore's second-largest bank, OCBC, will stop processing all Russia-related transactions from November 1 to reduce its risk exposure to Russia, which is subject to global sanctions. The move includes stopping personal remittances, cargo transportation, and the supply or sale of goods or services involving Russia. According to people familiar with the matter, OCBC has notified its customers, including private banking customers, that the decision was made due to operational challenges in regulatory compliance. OCBC has stopped opening new accounts for customers related to Russia since the outbreak of the Russo-Ukrainian war in 2022. In March 2022, Singapore imposed unilateral targeted sanctions on Russia-related cryptocurrency trading activities.