Financial Stand
Latest financial, market, economic news, stock markets, economy, and analysis from Financial Stand as it happens around the world.

South Korea to cut transactions with Russia’s central bank

The new penalties on Russia follows Seoul's Mar 1 decision to ban transactions with seven major Russian banks and their affiliates

South Korea to cut transactions with Russia’s central bank

South Korea on Monday toughened its financial sanctions against Russia by banning transactions with Russia’s central bank, joining further global efforts to isolate Russia over its invasion into 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.

The new penalties on Russia follows Seoul’s Mar 1 decision to ban transactions with seven major Russian banks and their affiliates, including Sberbank.

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,” a finance ministry official said.

Details of any Russian central bank assets held in won cannot be disclosed without the holder’s consent, the official said.

Russia calls its actions in Ukraine a “special operation”.

Get real time updates directly on you device, subscribe now.

Leave A Reply

Your email address will not be published.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

en_USEnglish