On 1 March 2022, Singapore’s Foreign Affairs Minister announced that Singapore will be imposing sanctions on Russia in response to its invasion of Ukraine. These include restricting the export of items that can be directly used in the conflict and the blocking of some bank and financial transactions associated with Russia. As the Russia-Ukraine conflict grows in intensity, here is how it could affect your finances in Singapore. What Prices in Singapore Are Rising Due to the War? Food Food prices in Singapore are likely to rise even more than they already have. In January, the Department of Statistics Singapore reported that food prices in Singapore, for both non-cooked food and served food, had already risen by 2.2% from the previous year and 0.8% from the previous month1. According to an article on Time.com2, Ukraine and Russia together are responsible for more than 25% of...