Update regarding the situation in Russia and Ukraine

Published on
March 9, 2022
Written by
Content Team
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Episode #
Update regarding the situation in Russia and Ukraine
In light of recent political developments, here are the details on affected transactions, banks and regions for Aspire users.
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In light of recent political developments, Aspire is taking all necessary steps to ensure that our service continues to operate in compliance with international laws and Singapore Ministry of Foreign Affairs’ Sanctions and Restrictions Against Russia in Response to its Invasion of Ukraine

We would like to inform our customers that any transactions to and from Russia, Donetsk, Luhansk and regions of Ukraine, will not be possible during this time. Here are more details on affected Aspire transactions: 


  1. Aspire will no longer be processing any incoming and outgoing transfers involving the banks or regions listed below. 


  • VTB Bank Public Joint Stock Company
  • The Corporation Bank for Development and Foreign Economic Affairs Vnesheconombank (VEB)
  • Promsvyazbank Public Joint Stock Company 
  • Bank Rossiya
  • Otkritie Bank
  • Novikombank
  • Sovcombank

Regions (including any bank/entity/individual located in) 

  • Russian Federation
  • Luhansk People’s Republic (contested region of Ukraine) 
  • Donetsk People's Republic (contested region of Ukraine)
  • Belarus (no incoming transfers to Aspire SGD debit accounts, and no incoming and outgoing transfers from Aspire USD debit accounts)

Due to the evolving nature of this situation, kindly note that this list is subject to change, but we are closely monitoring changes and will be providing regular updates to this list. 

  1. For transfers to Ukraine via Aspire SGD debit accounts, there is a temporary limit of US$2,500 per transfer. 

Card Payments

Aspire Visa cards will no longer work within the Russian Federation.

We would like to reassure all Aspire customers that we are working in close contact with local authorities and financial partners to ensure minimum disruptions to your financial operations. 

We seek your kind understanding and patience during this time of uncertainty. If you have any questions, you can always get in touch with our support team and we’ll do our best to assist you.

For more episodes of CFO Talks, check us out on Apple Podcasts, Google Podcasts, Spotify or add our RSS feed to your favorite podcast player!

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Content Team at Aspire is a society of seasoned writers & experts specialising in finance, technology and SaaS space. With 50+ years of collective experience, they help make business finance more profitable for readers. They write about finance tools, finance insights, industry trends, tactical guides to grow your business & also all things Aspire.
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Aspire is the all-in-one finance operating system for businesses. Our mission is to empower the next generation of entrepreneurs with the financial tools they need to realise their company’s full potential.
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