On 28 February 2022, the Minister for Foreign Affairs, Mr Vivian Balakrishnan, issued a Ministerial Statement in Parliament stating that Singapore intends to impose sanctions and restrictions against Russia. The potential imposition of country-based sanctions against Russia, in the absence of any underlying United Nations Security Council resolution, is an unprecedented step in the implementation of Singapore’s foreign policy.
This Update looks at the possible scope of the prospective sanctions and what businesses may expect, particularly with regard to transactions with any links with Russia.
For more information, click here to read the full Legal Update.
