Singapore on Saturday joined the list of countries that have imposed sanctions on Russia in response to its invasion of Ukraine, with restrictions placed on operations of four banks and an export embargo on electronics, computers, and military hardware.
This is an unusual move by the Asian financial center in response to Moscow’s “dangerous precedent” in Ukraine, according to the Asian financial hub.
The tiny city-state, which serves as an international shipping hub, rarely imposes its own sanctions, but it has declared it will not allow the transfer of equipment that could injure or enslave Ukrainians, or assist Russia in launching cyber assaults.
“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 including its central bank, from dealing with Russia’s central bank as well as VTB Bank Public Joint Stock Company, The Corporation Bank for Development and Foreign Economic Affairs Vnesheconombank, Promsvyazbank Public Joint Stock Company and Bank Rossiya.
The measures also cover cryptocurrencies.
Singapore’s stand against Russia’s invasion is the strongest so far by a Southeast Asia country.
A statement on Thursday by the Association of Southeast Asian Nations (ASEAN), of which Singapore is a member, called for a ceasefire in the Ukraine crisis but made no mention of Russia’s involvement.
Asked by Reuters about its exposure to Russia, Singapore’s sovereign wealth fund GIC reiterated the new measures, which it said would also apply to the government’s funds managed by GIC.
“GIC continues to assess the Russian-Ukrainian situation and will ensure compliance,” it said in an emailed response.