ChainCatcher reported that Bloomberg reported that OCBC, Singapore's second-largest bank, will stop processing transactions involving Russia to reduce risks associated with global sanctions. According to people familiar with the matter, the measure will be officially implemented on November 1, 2024.

OCBC has notified all customer groups, including private banking customers, in recent weeks that the bank will implement this restriction due to operational challenges in managing regulatory compliance. The decision covers all business units of OCBC, including its private banking division.