Singapore to impose sanctions on Russia, including bank transactions

Singapore will impose "appropriate sanctions and restrictions" on Russia, its 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, Report informs referring to Reuters.

"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.

He said the sanctions were due to the "unprecedented gravity" of the situation and Russia's veto last week of a draft Security Council resolution.

"In particular, we will impose export controls on items that can be used directly as weapons in Ukraine to inflict harm or to subjugate the Ukrainians," he noted.

"We will also block certain Russian banks and financial transactions connected to Russia," he added.

Balakrishnan said specific measures were being worked out and would be announced shortly.