South Korea Sanctions Seven Russian Banks, Bans Trade in New Russian Bonds
March 01 2022 - 10:43PM
Dow Jones News
By Kwanwoo Jun
South Korea has put seven Russian banks on a sanctions list,
while banning trade in new Russian government bonds to press for an
end to Russia's invasion of Ukraine.
South Korean financial transactions with Sberbank, VEB, PSB,
VTB, Otkritie, Sovcom and Novikom, as well as their subsidiaries,
should be suspended in line with the U.S.-set sanctions schedules,
according to a statement released by the finance ministry in Seoul
late Tuesday.
South Korean public and financial institutions should also stop
trading in any Russian government bonds issued from March 2, said
the statement.
Seoul on Monday joined global sanctions against Moscow to press
for a resolution to the war in Ukraine.
South Korea has pledged to ban or restrict its exports of
strategic and non-strategic items to Russia and to block Russian
banks from the Swift global interbank network.
South Korean banks' exposure to Russia is estimated by financial
authorities at $1.47 billion, which accounts for 0.4% of their
total external exposure.
South Korea set aside 2 trillion won ($1.66 billion) in an
emergency financial fund for local exporters who could be hit by
the Russian-Ukraine conflict.
Write to Kwanwoo Jun at kwanwoo.jun@wsj.com
(END) Dow Jones Newswires
March 01, 2022 22:28 ET (03:28 GMT)
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