Singapore Condemns Russian Invasion of Ukraine, Introduces Sanctions on Electronics and Banks

Singapore Condemns Russian Invasion of Ukraine, Introduces Sanctions on Electronics and Banks

  • Singapore has made a rare decision to impose sanctions on Russia following its "unprovoked attack" on the sovereign country of Ukraine
  • Singapore implanted a series of financial and material sanctions against Moscow including a restriction on trade with banks and exports of electronics
  • The city-state labelled the invasion of Ukraine an "unprovoked attack" against a sovereign nation that set a dangerous precedent

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SINGAPORE - Singapore is one of the latest nations to join in on the condemnation of the unprovoked Russian invasion of Ukraine and implemented a series of sanctions.

This is a rare move from the Asian financial powerhouse which rarely imposes sanctions on other countries. Singapore has included four banks and a ban on exports of electronics, computers and military items.

Singapore, Russia, Sanctions, Ukraine
Singapore has implemented sanctions against Russia calling its invasion of Ukraine an unprovoked attack. Photo credit: Kyodo News Stills, The Asahi Shimbun
Source: Getty Images

The Singapore government said that Moscow's aggression towards Ukraine set a "dangerous precedent" and that it would not export items that would allow the Russian army to inflict harm or occupy Ukrainian territory.

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Singapore is a small city-state that faces a very real threat from some of its more aggressive neighbours and Russia's invasion of Ukraine has been condemned.

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The sanctions prohibit Singapore's financial institutions from operating with Russia's central bank. The other banks included in the sanctions are 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 sanctions also extend to the trade of cryptocurrencies. Singapore has taken the lead among Asian countries in its condemnation of Russia's invasion according to SABC News.

Reuters reported that Singapore condemned the invasion and called it a violation of a sovereign state and called the attack "unprovoked".

SA could lose R1.131 trillion in trade if it sides with Russia and not NATO

Earlier, reported that since the invasion of Ukraine by its neighbour, Russia, a number of countries began to implement economic sanctions against Russia and invertedly began an economic and trade war.

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The French government stated that placing such sanctions on Russia will make it difficult to continue waging war against Ukraine as the economy will collapse.

With the ongoing war, 193 countries met on Wednesday, 2 March to vote on a resolution to get Russia to retreat from Ukraine, according to a report by IOL.

"Stop dragging us": US calls on SA to take a firm stance against Russia

In similar news, the South African government has come under fire for choosing to abstain from the United Nations vote to condemn Russia and call on Russian President Vladimir Putin to retract his troops from Ukraine.

The United States of America has now urged South Africa to stop sitting on the sidelines and label the aggressor in the Russia-Ukraine conflict.

US diplomat from the Embassy, Todd Haskell, stated that it's important for African nations to take a stance when Russia has the choice to trample on Ukraine's democracy, reports News24.

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