Singapore sanctions Russia over 'unprovoked attack' on Ukraine | Inquirer News

Singapore sanctions Russia over ‘unprovoked attack’ on Ukraine

/ 09:16 PM March 05, 2022

Singapore Russia sanctions

A view shows a building, which city officials and locals said was damaged by recent shelling, as Russia’s invasion of Ukraine continues, in Kharkiv, Ukraine March 4, 2022. REUTERS/Oleksandr Lapshyn

 

SINGAPORE — Singapore announced sanctions against Russia on Saturday that include four banks and an export ban on electronics, computers and military items, in a rare move by the Asian financial hub in response to what it said was Moscow’s “dangerous precedent” in Ukraine.

Article continues after this advertisement

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.

FEATURED STORIES

“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.”

Article continues after this advertisement

The restrictions bar Singapore’s financial institutions from entering into transactions with 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.

Article continues after this advertisement

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.

Article continues after this advertisement

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.

Article continues after this advertisement

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.

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

TAGS: Russia, Sanctions, Singapore

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our newsletter!

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

© Copyright 1997-2024 INQUIRER.net | All Rights Reserved

This is an information message

We use cookies to enhance your experience. By continuing, you agree to our use of cookies. Learn more here.