• Russia is expected to be cut off from another bank at the end of the month.

• A source told Bloomberg that OCBC in Singapore planned to stop processing Russian transactions.

• The bank would be following lenders in China, which have largely pulled back from Russia.

Another bank appears to be turning its back on Russia as lenders grow worried about doing business with Moscow under the threat of Western sanctions.

Oversea-Chinese Banking Corp., the second-largest lender in Singapore, told its clients it would no longer process any transactions related to Russia as of the start of November, a person familiar with the matter told Bloomberg in a report published this week.

The person said that those transactions included the transport and sale of goods and services in Russia and that OCBC attributed the pullback to operational challenges around compliance and regulation.

The new restrictions aren't expected to significantly affect the bank, given that OCBC hasn't opened new accounts for Russian clients in two years, the source added.

The bank didn't immediately respond to requests for comment from Business Insider.

The changes would represent another sign of lenders' growing hesitancy to work with Russian clients after the West threatened to impose secondary sanctions on firms doing business in the country.

A Russian state media outlet reported that nearly all Chinese banks had stopped processing payments from Russia out of fear of being targeted.

Russia, meanwhile, has nearly depleted its yuan reserves, and businesses were locked out of billions earlier this year amid payment issues abroad, according to data from Russia's central bank.

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