Singapore Condemns Russian Invasion of Ukraine, Introduces Sanctions on Electronics and Banks

• Singapore has made a rare decision to impose sanctions on Russia following its "unprovoked attack" on the sovereign country of Ukraine
• Singapore implanted a series of financial and material sanctions against Moscow including a restriction on trade with banks and exports of electronics
• The city-state labelled the invasion of Ukraine an "unprovoked attack" against a sovereign nation that set a dangerous precedent

SINGAPORE - Singapore is one of the latest nations to join in on the condemnation of the unprovoked Russian invasion of Ukraine and implemented a series of sanctions.

This is a rare move from the Asian financial powerhouse which rarely imposes sanctions on other countries. Singapore has included four banks and a ban on exports of electronics, computers and military items.

The Singapore government said that Moscow's aggression towards Ukraine set a "dangerous precedent" and that it would not export items that would allow the Russian army to inflict harm or occupy Ukrainian territory.

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Singapore is a small city-state that faces a very real threat from some of its more aggressive neighbours and Russia's invasion of Ukraine has been condemned.

The sanctions prohibit Singapore's financial institutions from operating with Russia's central bank. The other banks included in the sanctions are VTB Bank Public Joint Stock Company, The Corporation Bank for Development and Foreign Economic Affairs Vnesheconombank, Promsvyazbank Public Joint Stock Company and Bank Rossiya.

The sanctions also extend to the trade of cryptocurrencies. Singapore has taken the lead among Asian countries in its condemnation of Russia's invasion according to SABC News.

Reuters reported that Singapore condemned the invasion and called it a violation of a sovereign state and called the attack "unprovoked".

Why is Russia invading Ukraine?

To understand the reason behind the Russian invasion, Legit.ng took a trip down memory lane.

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Ukraine used to be part of the Russian empire for centuries before becoming a Soviet republic. It, however, won independence as the USSR broke up in 1991.

With its independence, Ukraine started making moves to shed its Russian imperial legacy and forge increasingly close ties with the West, according to Al Jazeera.

Fast forward to 2008, the North Atlantic Treaty Organization (NATO) promised Ukraine it would one day join the alliance.

NATO is an intergovernmental military alliance between 28 European countries and 2 North American countries. Its purpose is to guarantee the freedom and security of its members through political and military means.

Russia, however, is not comfortable with Ukraine's "romance" with the West.

Source: Legit.ng