Despite being far away from Ukraine, the government of Singapore has not only voiced its condemnation of Russia's invasion, but has also taken the rare step ...
It is not the first time that Singapore has been vocal in condemning Russian actions. Therefore, Singapore has been consistent in its stand of firmly opposing any kinds of invasions, especially in cases when smaller states have been invaded by bigger powers, such as when Indonesia invaded East Timor and Vietnam, backed by the Soviet Union, invaded Cambodia. As Foreign Minister Vivian Balakrishnan told Parliament last week, “Ukraine is much smaller than Russia, but it is much bigger than Singapore.” By swiftly condemning Russia’s invasion of Ukraine, Singapore does both speaks for itself and acts as a leader and representative of the world’s other small, vulnerable states. Of course, survival is a concern for any state, but for small states like Singapore, it is undoubtedly more pressing due to their vulnerabilities and relative lack of strength in the world system. In the hope that small states could be given more “ strategic weight” in the United Nations, in 1992 Singapore established and has chaired the Forum of Small States, an informal and non-ideological grouping of small nations. The decision is rooted in Singapore’s perceived leadership role among small states and its long-time concerns and worries about the survival of such states in the international system. Despite being far away from Ukraine, the government of Singapore has not only voiced its condemnation of Russia’s invasion, but has also taken the rare step of imposing unilateral sanctions on the country.
The sanctions were first announced in parliament on 28 February 2022, and the specifics were released on 5 March 2022.
We can guide you on the Singapore Strategic Goods (Control) Order 2021 and compliance of your transactions. There are also financial measures applicable to all financial institutions in Singapore. Interestingly, the sanctions specifically mention financial transactions which involve cryptocurrency will also be covered. There will be no permitted export of military goods, or of any and all items in the Electronics, Computers and Telecoms and Information Security categories of the Dual-Use Goods List of the Strategic Goods (Control) Order 2021.