Singapore’s foreign minister said on February 28 that Singapore would impose “appropriate sanctions and restrictions” on Russia, including banking and financial measures, as well as export controls on items that could be used as weapons against the Ukrainian people.
The move follows a delayed and rather lukewarm statement on February 26 by the Association of Southeast Asian Nations, or ASEAN, currently chaired by Cambodia, which said the group was “concerned” about “hostilities in Ukraine” without even mentioning it. Russia, let alone condemned the Russian military invasion of Ukraine.
Disagreement within ASEAN over Russia-Ukraine conflict
Observers said it showed divisions within the bloc, with member states such as Laos and Cambodia silent on China, while Myanmar openly embraced Russian aggression and expressed support for “world powers”. Vietnam, which has close ties to Soviet-era Russia, has been passive, making no substantive comment beyond a call for “restraint”; but its media has surprisingly abandoned their usual pro-Russian bias to describe the conflict.
In Singapore’s case, it usually abides by UN Security Council resolutions but rarely issues its own sanctions against countries, but this time was different.
“Singapore intends to act with many other like-minded countries to impose appropriate sanctions and restrictions on Russia,” Foreign Minister Vivian Balakrishnan told parliament, according to reports. Reuterscalling Russia’s invasion of Ukraine “unacceptable” and a “serious violation of international norms.”
Balakrishnan said the government would block certain Russian banks and “some financial transactions involving Russia” but details were still being worked out, adding that the sanctions were due to the “unprecedented seriousness” of the situation and Russia’s veto of a draft Security Council resolution last week .
Singapore’s largest bank halts trade finance
In addition, Singapore’s largest bank, Asia’s largest energy and commodities trading hub, is now restricting trade financing of Russian raw materials. The restrictions reportedly include DBS, OCBC and UOB halting issuance of U.S. dollar letters of credit for transactions involving Russian oil and liquefied natural gas. Bloomberg News.
In its latest move, Singapore Airlines said it would “temporarily suspend” all round-trip 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 will affect flights SQ362 and SQ361.
Singapore’s foreign minister said on February 28 that Singapore would impose “appropriate sanctions and restrictions” on Russia, including banking and financial measures, as well as export controls on items that could be used as weapons against the Ukrainian people. The move follows a delayed and rather lukewarm statement on February 26 by the Association of Southeast Asian Nations, or ASEAN, currently chaired by Cambodia, which said the group was “concerned” about “hostilities in Ukraine” without even mentioning it. Russia, let alone condemned the Russian military invasion of Ukraine. Divided observers within ASEAN over Russia-Ukraine conflict say…
Singapore’s foreign minister said on February 28 that Singapore would impose “appropriate sanctions and restrictions” on Russia, including banking and financial measures, as well as export controls on items that could be used as weapons against the Ukrainian people.
The move follows a delayed and rather lukewarm statement on February 26 by the Association of Southeast Asian Nations, or ASEAN, currently chaired by Cambodia, which said the group was “concerned” about “hostilities in Ukraine” without even mentioning it. Russia, let alone condemned the Russian military invasion of Ukraine.
Disagreement within ASEAN over Russia-Ukraine conflict
Observers said it showed divisions within the bloc, with member states such as Laos and Cambodia silent on China, while Myanmar openly embraced Russian aggression and expressed support for “world powers”. Vietnam, which has close ties to Soviet-era Russia, has been passive, making no substantive comment beyond a call for “restraint”; but its media has surprisingly abandoned their usual pro-Russian bias to describe the conflict.
In Singapore’s case, it usually abides by UN Security Council resolutions but rarely issues its own sanctions against countries, but this time was different.
“Singapore intends to act with many other like-minded countries to impose appropriate sanctions and restrictions on Russia,” Foreign Minister Vivian Balakrishnan told parliament, according to reports. Reuterscalling Russia’s invasion of Ukraine “unacceptable” and a “serious violation of international norms.”
Balakrishnan said the government would block certain Russian banks and “some financial transactions involving Russia” but details were still being worked out, adding that the sanctions were due to the “unprecedented seriousness” of the situation and Russia’s veto of a draft Security Council resolution last week .
Singapore’s largest bank halts trade finance
In addition, Singapore’s largest bank, Asia’s largest energy and commodities trading hub, is now restricting trade financing of Russian raw materials. The restrictions reportedly include DBS, OCBC and UOB halting issuance of U.S. dollar letters of credit for transactions involving Russian oil and liquefied natural gas. Bloomberg News.
In its latest move, Singapore Airlines said it would “temporarily suspend” all round-trip 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 will affect flights SQ362 and SQ361.
