Low Yen Ling on impact of EU ban on Russian oil export products
While Singapore is not a participant of the recent European Union ban on Russian oil export products, companies and financial institutions in Singapore have been informed of the ban via circulars issued by the relevant Government agencies so that they can manage the potential impact. Minister of State for Trade and Industry Low Yen Ling said this in reply to an MP’s questions in Parliament on Friday (Feb 24). She pointed out that Singapore’s sanctions and restrictions imposed on Russia are specific and targeted for the purpose of constraining Russia’s capacity to conduct war against Ukraine. She added that the measures cover export controls on specific items to Russia, such as military goods and dual-use goods that can be used to inflict injury on Ukrainian citizens.
While Singapore is not a participant of the recent European Union ban on Russian oil export products, companies and financial institutions in Singapore have been informed of the ban via circulars issued by the relevant Government agencies so that they can manage the potential impact. Minister of State for Trade and Industry Low Yen Ling said this in reply to an MP’s questions in Parliament on Friday (Feb 24). She pointed out that Singapore’s sanctions and restrictions imposed on Russia are specific and targeted for the purpose of constraining Russia’s capacity to conduct war against Ukraine. She added that the measures cover export controls on specific items to Russia, such as military goods and dual-use goods that can be used to inflict injury on Ukrainian citizens.
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