"Russia, or more precisely the Eurasian Economic Union, signed a free trade agreement with Vietnam, and we, too, are now holding negotiations on the signing of such a deal with the EEU," Lee said in an interview with the Rossiya-24 television channel.
According to the prime minister, there is still a potential for growth in the economic cooperation between Russia and the Association of Southeast Asian Nations (ASEAN), of which Singapore is a member.
"Russia is a large economy. I think that economic relations between ASEAN countries and Russia are growing," Lee said, adding that "there are very good relations between us and Russia, between ASEAN and Russia, as well as between Singapore and Russia."
The prime minister of Singapore is currently on a visit to Russia. On May 19-20, he is set to attend the ASEAN-Russia summit in Russia's southern city of Sochi.
The EEU, comprising Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan, is an international organization that encourages regional economic integration through the free movement of goods, services, and people within the union.