South Korea Continues to Add to Sanctions on Russia
South Korea announced additional sanctions March 7 in response to Russia's invasion of Ukraine, according to an unofficial translation. The South Korean government said it is joining the international community's sanctions moves by placing restrictions on Russia's Central Bank and sovereign wealth fund along with Rossiya Bank.
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The announcement builds on South Korea's existing sanctions against Russia that include barring financial transactions with seven Russian banks, recommending the suspension of trading of Russian government bonds and excluding some Russian banks from SWIFT, the global interbank messaging service. South Korea's March 7 move adds Rossiya Bank to the list of banks it bars from using SWIFT in line with the EU's SWIFT actions.
South Korea further announced restrictions on Belarus due to its role in enabling the invasion of Ukraine, a Ministry of Foreign Affairs spokesperson said. Without specifics, the spokesperson said the export control measures on Belarus "will be similarly applied as those on Russia."