\n<\/p>\n
As the proverb goes, \u201cWhen elephants fight, it is the grass that suffers.\u201d Smaller players like Singapore often find themselves on the decision-making sidelines when major powers make moves against one another.<\/span><\/p>\n In recent years, we have seen wars break out in Europe and the Middle East. While the tensions in Gaza seem to have eased slightly after a ceasefire, the latest turmoil in Iran will ratchet up the temperature in that region again.\u00a0<\/span><\/p>\n The impact on the proverbial \u201cgrass\u201d has already been felt around the world. Oil and energy prices have surged, financial markets have tumbled amid increasing uncertainty, and the prognosis for global economic development in 2026 appears bleaker than it was prior to the conflict.<\/span><\/p>\n With a speedy end to the Iran war seemingly not a priority of Israel and the US, such global uncertainty looks set to persist in the near term at least.<\/span><\/p>\n This brings us to the question of what Singapore can do in such scenarios. The tension between being a small but influential country is brought into focus when conflicts emerge abroad.<\/span><\/p>\n In these situations, it may seem that the only option available to smaller nations is to issue carefully worded statements that express concern and call for the cessation of hostilities, respect for sovereignty and human life, and adherence to international law.<\/span><\/p>\n A recent exception was the Russian invasion of Ukraine in 2022. Along with its statements condemning the invasion, Singapore also imposed <\/span>rare unilateral sanctions on Russia<\/span>, targeting military exports, some Russian banks and financial transactions connected to Russia.<\/span><\/p>\n<\/div>\nA DELICATE BALANCING ACT<\/span><\/h2>\n