, Singapore

Bank, trade sanctions to counter peaceful settlement in Ukraine: Russia

The Russian Embassy posted its reaction to Singapore's sanctions on Facebook. 

The Embassy of Russia in Singapore responded to the recent sanctions imposed by Singapore on Russian financial transactions and trade.

"We regret the decision taken by the #Singapore government to join Western anti-Russian sanctions that circumvent the UN Security Council and is contrary to the principled #position of the country #against imposing unilateral #sanctions," the Embassy said in a Facebook post.

"We consider it runs against the friendly relations between Russia and Singapore as well as counter to the need of speedy and #peaceful settlement of the situation in #Ukraine, which the Russian Federation continuously advocates," it added.

The sanctions were announced by Foreign Affairs Minister Vivian Balakrishnan in a Parliament speech on 28 February.

“Russia’s invasion of Ukraine is a clear and gross violation of international norms and [sets] a completely unacceptable precedent," Balakrishnan said. 

READ MORE: Government to block certain Russian banks, financial transactions

In a separate speech, Trade Minister Gan Kim Yong said the ongoing conflict between Russia and Ukraine would have a significant impact on the cost of living in Singapore, due to higher global energy costs. 

READ MORE: How the Russia-Ukraine conflict will affect the economy

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