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South Korea to ban 7 Russian banks as part of international sanctions

02 March 2022 09:51 (UTC +04:00)

South Korea will ban financial transactions with seven major Russian banks and their affiliates as part of its economic sanctions on Russia, APA reports citing CNN.

The country’s Finance Ministry on Tuesday released a detailed plan on the sanctions after consulting with the US Department of the Treasury.

The seven Russian banks are Sberbank, VEB, PSB, VTB, Otkritie, Sovcom and Novikom.

The ban will follow the US’ grace period for sanctions, and exceptional transactions will be allowed for agriculture, Covid-19 medication and energy support.

The ministry “strongly recommended” local public and financial institutions stop their investments in Russian government bonds issued after Wednesday.

South Korea will also “immediately” block Russian banks from the SWIFT global payments system as soon as the European Union specifies its detailed plan, the ministry added.