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7 Mar 2022

S. Korea to cut transactions with Russia's Central Bank

The Index Today

Foreign Ministry of South Korea said on Monday that they have toughened its financial sanctions against Russia by banning transactions with Russia's central bank, joining further global efforts to isolate Russia over its attack on Ukraine.

South Korea's foreign ministry said it has decided to immobilise any assets held by the Russian central bank in the won and to sever transactions with Russia's central bank, following similar moves by the United States and the European Union.

According to Reuters, the new penalties on Russia follows Seoul's March 1 decision to ban transactions with seven major Russian banks and their affiliates, including Sberbank.

A finance ministry official said that South Korea's finance ministry will release details including the scope of further sanctions later on Monday, which "will be in line with US financial sanctions."

©Photo: eastasiaforum

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