Singapore imposed sanctions on Russia over the attack on Ukraine

Singapore imposed sanctions on Russia over the attack on Ukraine.  

SINGAPORE: Singapore is the capital of the country. In a rare move, Singapore announced sanctions against Russia on Saturday. 

The sanctions include a ban on exporting electronics, computers, and military goods and a ban on four banks. 

The Asian financial hub said that Moscow’s “dangerous precedent” in Ukraine was the reason for the sanctions.

The tiny city-state, an international shipping hub, rarely imposes sanctions of its own. Still, it said it would not export items that could harm or subjugate Ukrainians or help Russia launch cyber attacks. This is what the country said.

People in the U.S. foreign ministry said in a statement that the Russian government “violates the sovereignty and territorial integrity.” They didn’t say when the sanctions would take effect, but they said that “we can’t stand by and let this happen.”

“If you live in a small country like Singapore, this isn’t a good idea. It’s a bad example to set. This is why Singapore has been very angry about Russia’s attack without any reason.”

A group of businesses in Singapore, including its central bank, aren’t allowed to do business in Russia. 

They include VTB Bank Public Joint Stock Company, Vnesheconombank, Promsvyazbank Public Joint Stock Company, and Bank Rossiya. The new rules cover even cryptocurrency.

There have been no other countries in Southeast Asia that have done this so far.

The Association of Southeast Asian Nations (ASEAN), which includes Singapore, called for a ceasefire in Ukraine. Still, it didn’t say that Russia was involved in it.

Sovereign wealth fund GIC said the new rules would also apply to government funds that GIC manages. Reuters asked about its exposure to Russia.

“GIC is still looking into the Russian-Ukrainian situation and will make sure everyone is following the rules,” it said in an email response.