The Asian financial hub had previously said it intended to act in concert with like-minded governments.
According to details revealed by the foreign ministry, all financial institutions in Singapore – from lenders and insurers to securities exchanges and payment service providers – will be prohibited from conducting transactions or establishing business relationships with VTB Bank, Vnesheconombank (VEB), Promsvyazbank and Bank Rossiya.
These banks have already been hit with sanctions by other governments, including their removal from the SWIFT global payment network.
As for existing relationships, Singapore will require its financial institutions to “freeze any assets and funds of these four banks”, the foreign ministry said.
Financial institutions in the city-state will also be barred from providing fundraising-related services for the Russian government, the central bank of Russia or entities controlled by them.
Singapore’s government and central bank will also cease investing in securities newly issued by these entities.
Moreover, Singapore will ban financial institutions from facilitating any transactions involving cryptocurrencies that could allow Russian entities to “circumvent” the sanctions.
“Russia’s invasion of Ukraine contravenes the (United Nations) charter and is a clear and gross violation of international law,” the foreign ministry said in a statement.
“While we continue to value good relations with Russia and the Russian people, we cannot accept the Russian government’s violation of the sovereignty and territorial integrity of another sovereign state.”
The sanctions and restrictions announced on Saturday aim to “constrain Russia’s capacity to conduct war against Ukraine and undermine its sovereignty”, it added.
In another move, the city will ban Russia-bound exports of military goods, electronics, computers and telecommunications equipment, the ministry said. These measures are also in line with other nations that have imposed export controls.
In Asia, Japan, South Korea and Taiwan have taken various economic measures against Russia, including a clampdown on semiconductor supplies.
But Singapore’s strong response stands out among its Southeast Asian neighbours, most of whom have reacted cautiously, apparently due to economic and defence relationships with Moscow.