THE ongoing conflict between Russia and Ukraine does not appear to have affected Singapore-based companies with businesses there.

There are looming fears that an all-out war between both countries will break out, as Russia has positioned an estimated 100,000 troops and military equipment near the Ukraine border.

"Businesses frequently experience political volatility and are keenly following developments," said Association of Small and Medium Enterprises president Kurt Wee.

But for now, it seems to be business as usual for Singapore-based companies there.

Said Singapore Business Federation chief executive officer Lam Yi Young: "We have not heard any concerns from our members with operations in Russia."

When approached by The Business Times, a spokesperson for Singapore-headquartered agri and food business Olam said the company will continue to operate as usual in Ukraine and Russia, and will continue monitoring the situation in the region.

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Meanwhile, a spokesperson for commodity trading firm Trafigura said: "Trafigura monitors geo-political issues and complies in full with all applicable regulations and sanctions in the jurisdictions in which it operates."

When approached, Catalist-listed Russian agricultural and dairy firm Don Agro International declined to comment.