Singapore authorities impose a ban on financial transactions of some Russian banks. Foreign Minister Vivian Balakrishnan announced this on Monday in Parliament.

„Singapore intends to block some Russian banks and financial transactions related to Russia,” he said. According to him, „detailed steps are being worked out and will be announced in the near future.” The Foreign Minister also announced plans to „introduce export controls on goods that can be used directly in Ukraine as weapons.”
“We expect that such measures will have certain consequences for our business, citizens and Singapore as a whole,” the minister acknowledged. However, „if we do not uphold the principles that are the basis of independence and sovereignty, our own right to exist and flourish as a nation may one day be called into question,” Balakrishnan said.