According to the Financial Times, significant sums are being deposited into Singapore’s private banking sector as well as investments in property and luxury services. Singapore’s former ambassador to Moscow, Michael Tay, who now heads the Asia-Pacific Economic Co-operation Secretariat, told the FT that Russian IT and shipping companies are considering listing on Singapore’s stock exchange.

The Asian nation is now ranked as the 30th largest trading partner with Russia and the number of Russians in the country has risen from 300 in 2003 to more than 5000 in 2009.

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Russians are keen to invest in the region as banking secrecy in Switzerland has ended after the US and the EU raised concerns that it was being used as a tax haven.