Singapore announces sanctions against Russia

Singapore has announced sanctions against Russia over its invasion of Ukraine, becoming one of the few governments in Southeast Asia to do so, reports AP.

“The sovereignty, political independence and territorial integrity of all countries, big and small, must be respected,” said an announcement by the Foreign Ministry.

The tiny city-state imposed controls on exports or transshipments of military-related or dual use items considered “strategic goods.” It said the sanctions were aimed at constraining Russia’s ability to wage war and engage in “cyber aggression.”

The regional commercial hub also said it would prohibit all financial institutions from doing business with four Russian banks: VTB Bank, Bank Rossiya, the Promsvyazbank Public Joint Stock Co., and the Corporation Bank for Development and Foreign Economic Affairs Vnesheconombank. Companies with existing dealings with the four must freeze their assets, it said.

The order also bans providing financial services or enabling financing for the Russian central bank, Russian government and entities owned or controlled by them.