Singapore has as one of the few Southeast Asian countries Sanctions imposed on Russia over the war in Ukraine. The city-state introduced export controls on military-related goods. The punitive measures are intended to prevent Russia from waging war, Singapore’s foreign ministry said.
It also announced that financial institutions would not be allowed to do business with four Russian banks, VTB Bank, Bank Rossiya, Promsvyazbank and Vnesheconombank. Companies that were already working with the four banks would have to freeze their assets. The sanctions also prohibit financial services or help with financing for the Russian central bank and Russian government.
“The sovereignty, political independence and territorial integrity of all countries, large and small, must be respected,” the State Department argued.