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Singapore imposes sanctions on Russia, blocking certain bank transactions and exports: Vivian
SINGAPORE is imposing sanctions on Russia, joining a growing number of countries seeking to slap economic costs on the nuclear superpower for invading Ukraine.
“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,” Minister for Foreign Affairs Vivian Balakrishnan said in Parliament on Monday (Feb 28).
The specific measures are being worked out and will be announced shortly, he added.
In a ministerial statement on the situation in Ukraine and its implications, Dr Balakrishnan said the Republic has rarely acted to impose sanctions on other countries in the absence of binding United Nations (UN) Security Council decisions or directions.
Russia had vetoed a draft resolution by the UN Security Council that would have deplored Moscow’s invasion 2 days after Russian President Vladimir Putin ordered a “special military operation” on Ukraine.
“However, given the unprecedented gravity of the Russian attack on Ukraine and the unsurprising veto by Russia of a draft Security Council Resolution, Singapore intends to act in concert with many other like-minded countries to impose appropriate sanctions and restrictions against Russia,” Dr Balakrishnan told the House.
He added that the measures are expected to come at some cost and implications on Singapore’s businesses, citizens and the country as a whole.
“However, unless we as a country stand up for principles that are the very foundation for the independence and sovereignty of smaller nations, our own right to exist and prosper as a nation may similarly be called into question.”
Dr Balakrishnan said Russia’s invasion of Ukraine is a clear and gross violation of international norms and a “completely unacceptable precedent”.
Source: https://www.businesstimes.com.sg/government-economy/singapore-imposes-sanctions-on-russia-blocking-certain-bank-transactions-and