Impact on Singapore due to EU Ban on Russian Oil Product Exports

Mr Dennis Tan Lip Fong asked the Minister for Trade and Industry (a) how does the latest EU ban on Russian oil export products from 5 February 2023 affect the import, trading, storage, blending and handling of Russian oil products in Singapore including Singapore-based terminals and facilities as well as at its Outside Port Limits (OPL) waters; and (b) whether Singapore is reviewing its position in light of the latest EU ban.

Mr Deputy Speaker, the EU ban prohibits seaborne Russian crude oil and petroleum products into the EU territory. It also prohibits EU vessels and companies from carrying these products into third countries and providing related services, if the price of these products is higher than the stipulated price. This price is one that is determined by the EU and other countries participating in the prohibition.

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. Our approach is founded on the principles of international law and non-violation of sovereignty as well as territorial integrity and this remains unchanged. Our measures cover export controls on specific items to Russia, such as military goods and dual-use goods that can be used to inflict injuries on Ukrainian citizens, as well as financial measures, which, inter alia, prohibit financial institutions in Singapore from dealing with designated Russian banks and the financing of the above-mentioned goods.

While Singapore is not a participant of the EU ban, companies and the financial institutions in Singapore have been informed of the ban that is imposed by the EU and other countries, via circulars issued by the relevant Government agencies. This is so that they are aware of such measures and can consider and manage any potential impact on their business activities, transactions and customer relationships accordingly.