South Korea has joined many countries around the world's sanctions on the Russian financial system, restricts the transactions of major Russian banks, and competes them out of the Global Bank of Financial Communications Association (SWIFT) payment system.
According to Bloomberg, the Ministry of Finance of South Korea announced on Tuesday (March 1) that it will prohibit transactions with seven major banks and its subsidiaries in Russia, including the Russian Federal Savings Bank.This is consistent with the financial sanctions announced by the United States.
The South Korean government has also strongly urged domestic public and financial institutions to suspend the Russian Treasury bonds issued after March 2.
The Ministry of Finance of South Korea issued a statement saying that the South Korean government also supports the exclusion of major Russian banks outside the SWIFT system and said that once the EU finalizes the details of the ban, the South Korean government will immediately implement it.
The Ministry of Finance of South Korea also said in a statement: "The government will continue to pay close attention to the situation of Ukraine and the United States and the European Union's impact on Russia. We will make decisions on any additional sanctions on the international community's requirements in accordance with the requirements of the international community."
