Singapore to impose economic sanctions on Russia, including restrictions on bank transactions.

• On Monday, Singapore's foreign minister announced that the country would impose "appropriate sanctions and restrictions" on Russia, including financial measures and export controls on items that could be used as weapons against the people of Ukraine.
• The small Asian city-state, which serves as a global financial center and major international shipping hub, adheres to UN Security Council resolutions but seldom imposes its own sanctions on nations.
• Foreign Minister Vivian Balakrishnan stated in parliament that Singapore plans to align with other countries with similar views to impose sanctions and restrictions on Russia due to its invasion, which he described as unacceptable and a violation of international norms.

On Monday, Singapore's foreign minister announced that the country would impose "appropriate sanctions and restrictions" on Russia, including financial measures and export controls on items that could be used as weapons against the people of Ukraine.

The small Asian city-state, which serves as a global financial center and major international shipping hub, adheres to UN Security Council resolutions but seldom imposes its own sanctions on nations.

Foreign Minister Vivian Balakrishnan stated in parliament that Singapore plans to align with other countries with similar views to impose sanctions and restrictions on Russia due to its invasion, which he described as unacceptable and a violation of international norms.

The "unprecedented gravity" of the situation and Russia's veto last week of a draft Security Council resolution led him to say that the sanctions were necessary.

He stated that specific export controls will be imposed on weapons that can directly harm or subjugate the Ukrainians.

He added that we will also block specific Russian banks and financial transactions linked to Russia.

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

Singapore's decision to move independently of the Association of Southeast Asian Nations (ASEAN) marks the first such move among its regional neighbors.

On Saturday, the bloc urged for a reduction of the conflict, emphasizing the need for dialogue and adherence to international law and U.N. agreements.