Russia-Ukraine crisis: Singapore sanctions Russia over 'unprovoked attack' on Ukraine

SingaporeannouncedsanctionsagainstRussiaon Saturday that include four banks and an export ban on electronics, computers and military items, in a rare move by the Asian financial hub in response to what it said was Moscow's "dangerous precedent" inUkraine.

The tiny city-state, an international shipping hub, rarely imposessanctionsof its own but said it would not allow export of items that could inflict harm on or subjugate Ukrainians, or helpRussialaunch cyber attacks.

"We cannot accept theRussian government's violation of the sovereignty and territorial integrity of another sovereign state," its foreign ministry said in a statement, which gave no timeframe for when thesanctionswould take effect.

"For a small state likeSingapore, this is not a theoretical principle, but a dangerous precedent. This is whySingaporehas strongly condemnedRussia's unprovoked attack."

The restrictions barSingapore's financial institutions including its central bank, from dealing withRussia's central bank as well as 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 measures also covercryptocurrencies.

Singapore's stand againstRussia's invasion is the strongest so far by a Southeast Asia country.

A statement on Thursday by the Association of Southeast Asian Nations (ASEAN), of whichSingaporeis a member, called for a ceasefire in theUkrainecrisis, but made no mention ofRussia's involvement.

Asked by Reuters about its exposure toRussia,Singapore's sovereign wealth fund GIC reiterated the new measures, which it said would also apply to the government's funds managed by GIC.

"GIC continues to assess theRussian-Ukrainian situation and will ensure compliance," it said in an emailed response.