Singapore may join Russia sanctions; no major hit to trade sector, but risks remain

SINGAPORE is not likely to take a direct economic hit from putting export curbs on Russia, observers said on Wednesday (Feb 23), amid media reports that the Republic may join international sanctions over a dispute involving Ukraine.

But trade disruptions and energy and commodity price spikes remain key risks - whether or not Singapore takes part in sanctions.

"(Imposing) export controls on Russia would not have a material impact on Singapore's trade," UOB economist Barnabas Gan told BT, pointing to statistics that place the Russian market at about 0.1 per cent of Singapore's total exports.