The Russian-Singapore Joint Statement on the State Visit of Russian President Dmitry Medvedev to Singapore determines the further steps to be taken to further enhance bilateral ties.

One of the major results of the state visit of the Russian leader to Singapore was the establishment of the High-Level Russia-Singapore Inter-governmental Commission.

Besides bilateral trade which has exceeded more than 17 billion US dollars, investment, scientific and technological cooperation has received an additional impulse.

The representatives of public and private sectors of Russia, Singapore, the Commonwealth of Independent States and the Asia-Pacific Region participated in the forum.

"All parties concerned should continue to pursue dialogue, including diplomatic means, towards a peaceful settlement of the dispute, in accordance with international law, and avoid action that will further raise tensions in the region," the statement added.

[10][11] The move was described by retired Singaporean diplomat Bilahari Kausikan as "almost unprecedented" as the last time Singapore imposed unilateral sanctions was in 1978 after the Vietnamese invasion of Kampuchea.

Singapore's Foreign Minister Vivian Balakrishnan said, "It is all too easy for a small country to be caught up in the geopolitical games of big powers.

"[12] At the eleventh emergency special session of the United Nations General Assembly on 2 March 2022, Singapore was a co-sponsor of Resolution ES-11/1, which deplored the Russian invasion and demanded a full withdrawal of Russian forces as well as a reversal of its decision to recognise the self-declared People's Republics of Donetsk and Luhansk.

The relations between Singapore and Russia has become tense after on 7 March 2022, Russia placed Singapore on a list of "unfriendly countries" along with Taiwan, South Korea, Japan, the United States, European Union members, NATO members (except Turkey), Canada, Australia, New Zealand, Norway, Switzerland, Micronesia and Ukraine.

A presidential decree on 5 March 2022 allowed the Russian government, companies and citizens to temporarily pay foreign currency debts owed to overseas creditors from "unfriendly countries" in rubles.

The trade office was located in Hotel Ukraine in Moscow and on 4 May 1971, the embassy was open near the current Russian Ministry of Foreign Affairs.