Singapore announced sanctions against Russia on Saturday that include banks and an export ban on electronics, computers and military items, in a rare move by the financial hub in response to what it said was Moscow’s “dangerous precedent” in Ukraine.
The tiny city-state, an international shipping hub, rarely imposes sanctions of its own but said it would not allow export of items that could inflict harm on or subjugate Ukrainians, or help Russia launch cyber attacks.
“We cannot accept the Russian government’s violation of the sovereignty and territorial integrity of another sovereign state,” its foreign ministry said in a statement, which gave no timeframe for when the sanctions would take effect.
“For a small state like Singapore, this is not a theoretical principle, but a dangerous precedent. This is why Singapore has strongly condemned Russia’s unprovoked attack.”
The restrictions bar Singapore’s financial institutions from entering into transactions with VTB Bank, Vnesheconombank, Promsvyazbank and Rossiya Bank. The measures also cover cryptocurrencies.
Financial institutions are also barred from entering into transactions and providing services that facilitate fundraising for Russia’s government, central bank or entities under their control.
Singapore’s stand against Russia’s invasion is the strongest so far by a Southeast Asian country.
A statement on Thursday by the Association of Southeast Asian Nations, of which Singapore is a member, called for a ceasefire in the Ukraine crisis, but made no mention of Russia’s involvement.
- Reuters, with additional editing by George Russell
READ MORE:
Chinese Brands Shun Sanctions, Keep Selling in Russia – For Now
Ignoring Western Sanctions ‘Would Imperil China’s Goals’
Crypto Exchanges Say They Won’t Cut Off Sanctioned Russia
