Singapore joins West in imposing financial, trade sanctions on Russia
Singapore will impose “appropriate sanctions and restrictions” on Russia, the city state’s foreign minister said on February 28, including banking and financial measures and export controls on items that could be used as weapons against the people of Ukraine.
The move comes after the Association of Southeast Asian Nations, or ASEAN, which is currently chaired by Cambodia, issued a delayed and rather lukewarm statement on February 26 that the bloc is “concerned” over “hostilities in Ukraine,” without even naming Russia, let alone condemning the invasion of Ukraine by Russian troops.
Divisions within ASEAN on the Russia-Ukraine conflict
Observers say that this shows divisions within the bloc, with member countries such as Laos and Cambodia taking on China’s reticent stance and Myanmar openly embracing Russia’s invasion and expressing support for the “world power.”
Vietnam, which has a close relationship to Russia going back to the Soviet era, remained passive, giving no substantive official comment besides a call for “restraint,” but its media have – surprisingly – given up their usual pro-Russia bias to describe the conflict and are allowing for opinions from both sides.
Singapore, for its part, usually complies with United Nations Security Council resolutions but rarely issues sanctions of its own against countries, but this time it’s different.
“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, according to Reuters, describing Russia’s invasion of Ukraine as “unacceptable” and a “gross violation of international norms.”
The government would block certain Russian banks” and “some financial transactions involving Russia,” though details are still being worked out, Balakrishnan said, adding that the sanctions were due to the “unprecedented gravity” of the situation and Russia’s veto last week of a draft Security Council resolution.
Singapore’s biggest banks halt trade finance
Additionally, the biggest banks in Singapore, which is Asia’s largest energy and commodities trading hub, are now restricting trade finance for Russian raw materials. The limits include a halt on issuing letters of credit in US dollars by DBS Group, Oversea-Chinese Banking Corporation and United Overseas Bank for trades involving Russian oil and liquefied natural gas, according to Bloomberg News.
In a latest move, Singapore Airlines said that it would “temporarily suspend” all return services between Singapore and Moscow until further notice, effective February 28. In a statement posted on its website, the airline cited “operational reasons” for the suspension which affects flights SQ362 and SQ361.
Singapore will impose “appropriate sanctions and restrictions” on Russia, the city state’s foreign minister said on February 28, including banking and financial measures and export controls on items that could be used as weapons against the people of Ukraine. The move comes after the Association of Southeast Asian Nations, or ASEAN, which is currently chaired by Cambodia, issued a delayed and rather lukewarm statement on February 26 that the bloc is “concerned” over “hostilities in Ukraine,” without even naming Russia, let alone condemning the invasion of Ukraine by Russian troops. Divisions within ASEAN on the Russia-Ukraine conflict Observers say that...
Singapore will impose “appropriate sanctions and restrictions” on Russia, the city state’s foreign minister said on February 28, including banking and financial measures and export controls on items that could be used as weapons against the people of Ukraine.
The move comes after the Association of Southeast Asian Nations, or ASEAN, which is currently chaired by Cambodia, issued a delayed and rather lukewarm statement on February 26 that the bloc is “concerned” over “hostilities in Ukraine,” without even naming Russia, let alone condemning the invasion of Ukraine by Russian troops.
Divisions within ASEAN on the Russia-Ukraine conflict
Observers say that this shows divisions within the bloc, with member countries such as Laos and Cambodia taking on China’s reticent stance and Myanmar openly embracing Russia’s invasion and expressing support for the “world power.”
Vietnam, which has a close relationship to Russia going back to the Soviet era, remained passive, giving no substantive official comment besides a call for “restraint,” but its media have – surprisingly – given up their usual pro-Russia bias to describe the conflict and are allowing for opinions from both sides.
Singapore, for its part, usually complies with United Nations Security Council resolutions but rarely issues sanctions of its own against countries, but this time it’s different.
“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, according to Reuters, describing Russia’s invasion of Ukraine as “unacceptable” and a “gross violation of international norms.”
The government would block certain Russian banks” and “some financial transactions involving Russia,” though details are still being worked out, Balakrishnan said, adding that the sanctions were due to the “unprecedented gravity” of the situation and Russia’s veto last week of a draft Security Council resolution.
Singapore’s biggest banks halt trade finance
Additionally, the biggest banks in Singapore, which is Asia’s largest energy and commodities trading hub, are now restricting trade finance for Russian raw materials. The limits include a halt on issuing letters of credit in US dollars by DBS Group, Oversea-Chinese Banking Corporation and United Overseas Bank for trades involving Russian oil and liquefied natural gas, according to Bloomberg News.
In a latest move, Singapore Airlines said that it would “temporarily suspend” all return services between Singapore and Moscow until further notice, effective February 28. In a statement posted on its website, the airline cited “operational reasons” for the suspension which affects flights SQ362 and SQ361.
