South Korea decides on further financial sanctions targeting Russia

Seoul, Mar. 8, (dpa/GNA) – South Korea has decided on further financial sanctions targeting Russia because of the war in Ukraine.

A ban on transactions with the Russian Central Bank, two sovereign wealth funds and Bank Rossiya has been in effect since Tuesday, the Finance Ministry in Seoul announced. However, an exception applies to payments in connection with energy deliveries.

With the move, South Korea was joining the steps taken by the US and the EU against Russia.

Including the additional sanctions, South Korea has suspended transactions with 11 Russian financial institutions and affiliated companies. Also, no investments in Russian government bonds have been made since the beginning of March.

The exclusion of seven Russian banks from the SWIFT banking communications network took effect on March 12, in line with a corresponding decision by the EU.

South Korea had already announced measures against Russia for stricter export controls in addition to financial sanctions at the end of February. Last Sunday, the government decided on similar export control measures against Russian ally Belarus.

GNA