Singapore – Singapore has imposed sanctions on Russia on Saturday that include four banks and an export embargo on electronics, computers and military products, in a rare measure by the Asian financial center in response to what it said was Moscow’s “dangerous precedent” in Ukraine.
The small city-state, a worldwide shipping center, does not usually impose sanctions on its own but stated that it would not allow transfer of products that may inflict damage on or oppress Ukrainians, or assist Russia launch cyber assaults in any way.
Its foreign ministry said in a statement that they cannot condone the Russian government’s violation of the sovereignty and territorial integrity of another sovereign state, which specified no date for when the said sanctions would be implemented.
“For a tiny state like Singapore, this is not a theoretical notion, but a hazardous precedent. This is why Singapore has strongly denounced Russia’s provocative attack.”
The restrictions bar Singapore’s financial institutions including its central bank, from dealing with the central bank of Russia as well as VTB Bank Public Joint Stock Company VTBR.MM, The Corporation Bank for Development and Foreign Economic Affairs Vnesheconombank, Promsvyazbank Public Joint Stock Company and Bank Rossiya. The measures also encompass cryptocurrency.
Singapore’s opposition against the incursion of Russia is the greatest so far by a Southeast Asia nation.
A statement released on Thursday by the Association of Southeast Asian Nations (Asean), of which Singapore is a member, called for a truce in the Ukraine conflict, but made no mention of Russia’s participation.
When asked for comment about its exposure to Russia, Singapore’s sovereign wealth fund GIC underlined the new controls, which it said would also apply to the government’s assets administered by the GIC.
“GIC continues to examine the Russian-Ukrainian situation and will assure compliance,” it said in an emailed response.