According to TechFlow, on October 9, 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 Bank has informed all customer groups, including private banking clients, in recent weeks that it will implement the restrictions due to operational challenges in managing regulatory compliance. The decision covers all OCBC Bank's business units, including its private banking division.