The Russian government on Monday (March 7) issued a list of countries and regions that it considers as unfriendly to its companies and citizens, which includes Singapore and several other countries in the region.
Aside from Singapore, the Russian government also listed the US, Canada, Switzerland, Norway, South Korea, and the EU states under this ‘unfriendly’ category in light of the ongoing crisis in the region.
All foreign companies wanting to do business in Russia need to get approval from a government agency, Yahoo News! Singapore reported.
Following Russia’s invasion of Ukraine on February 24, several countries, including Singapore, imposed wide-ranging sanctions against the country.
On February 28, Vivian Balakrishnan, Singapore’s Foreign Minister, announced that the country would impose export restrictions on certain items that can be used to weaponize Ukraine.
Singapore’s ministers have also condemned Russia’s invasion of Ukraine. The country joined the UN’s condemnation of the incident.
“We cannot accept one country attacking another without justification, arguing that his independence was the result of ‘historical errors and crazy decisions’. Such a rationale would go against the internationally recognised legitimacy and territorial integrity of many countries, including Singapore,” said Dr Balakrishnan in his Ministerial Statement.
GIC, the sovereign wealth fund of Singapore, said on Saturday it would stop investing in new Russian government bonds.
“GIC continues to assess the Russian-Ukrainian situation and will ensure compliance with all applicable laws and regulations,” a GIC spokesperson said.
Minister for Trade and Industry Gan Kim Yong said last Monday that the Ukraine-Russia crisis had raised the economic risks affecting the city-state significantly.
Earlier, Singapore pledged provide US$100,000 assistance to help communities in Ukraine. The financial contribution will be made through the Singapore Red Cross, which is working with the Ukrainian Red Cross Society.