South Korea imposed sanctions against Russian Federations.
The restrictions affected Russia’s financial sector. In particular, Russia’s Central Bank operations will be terminated, reports the Ministry of Foreign Affairs.
“South Korean government, in addition to the sanctions imposed on Russia on March 1 on the financial sector, decided to join additional restrictive measures, that include terminating the transactions with Russia’s Central Bank,” says the Ministry of Foreign Affairs.
All the details of the penalties will be announced after consultations with the relevant ministries of the country.
Earlier, South Korea banned financial transactions with seven large Russian banks and blocked some Russian banks from accessing the global payment system SWIFT.
Seoul also advised South Korean financial institutions to stop investing in Russian government bonds.