A significant roar

7 Mar 2022 By Una Galani Follow @ugalani

The tiny hub’s surprise sanctioning of Russia is a loud blow to Moscow’s decade-long pivot to Asia. Even in larger countries like India that aren’t ready to choose sides, the rising influence of U.S.-led alliances pare Putin’s scope to do big business in the region beyond China.

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Singapore on March 5 detailed sanctions that target four Russian banks and include an export ban on electronics, computers and military items. It also banned financial institutions in Singapore from providing any services that facilitate fundraising by the Russian government and banned digital payment token service providers from transactions that could help to circumvent the financial measures.

Minister for Foreign Affairs Vivian Balakrishnan, on first announcing sanctions action on Feb. 28, described Russia's invasion of Ukraine as unacceptable and a gross violation of international norms. “Instead of choosing sides, we uphold principles. Consequently, when we conduct our foreign policy in a consistent manner, we become reliable partners”, he said, adding that “a world order cannot exist where might is right”.

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