Singapore to impose banking, trade restrictions on Russia

Singapore’s foreign minister said on Monday that the country will implement “appropriate sanctions and restrictions” on Russia, including banking and financial measures as well as export bans on things that could be used as weapons against the people of Ukraine.

The tiny city-state, which serves as an Asian financial center and a major international shipping gateway, abides by UN Security Council resolutions but rarely imposes its own sanctions on countries.

“Singapore intends to act in concert with many other like-minded countries to impose appropriate sanctions and restrictions against Russia,” Foreign Minister Vivian Balakrishnan told parliament.

He attributed the penalties to the situation’s extraordinary seriousness and Russia’s veto of a draft Security Council resolution last week.

“In particular, we will impose export controls on items that can be used directly as weapons in Ukraine to inflict harm or to subjugate the Ukrainians. We will also block certain Russian banks and financial transactions connected to Russia,” he added.