fbpx
  Previous   Next
HomeBusinessSouth Korea To End Transactions With Major Russian Banks Under US Sanctions

South Korea To End Transactions With Major Russian Banks Under US Sanctions

South Korea said Tuesday it plans to suspend financial transactions with seven major Russian banks and its affiliates in a bid to join global efforts to impose financial sanctions against Moscow over its attack on Ukraine.

The government said it will also “strongly” recommend local public and financial institutions halt their investment in Russian government bonds that will be issued starting Wednesday.

The decision came as Seoul has decided to join the multinational move to remove Russia from the SWIFT international settlement network over its invasion of Ukraine.

The Seoul government said it plans to halt financial transactions with seven major Russian banks and its affiliates slapped under U.S. sanctions.

The banks include Russian top lender Sberbank and state-owned banks VEB and PSB.

But the government said it will also apply the same standards as the U.S. when it comes to transactions that will be exceptionally allowed, such as in agriculture, COVID-19 medical support and energy supplies.

South Korea said it plans to immediately implement the SWIFT-related sanctions once the European Union unveils a detailed action plan.

The U.S. and its allies have tightened sanctions against Russia over its invasion of Ukraine, as they agreed to exclude some Russian banks from SWIFT, an international settlement system where trillions of dollars change hands for cross-border payments.

But a list of selected Russian banks subject to the sanctions and the timing of the implementation of the punitive actions have yet to be announced.

More News

Consumption of Dietary Beverages Increase Cardiovascular Disease Risk: Study

A new study has found a link between consuming artificial sweeteners, in dietary beverages, and increased cardiovascular disease risk like stroke. Artificial sweeteners like aspartame,...

Coronavirus: India Reports 6,093 New Covid Cases, 31 Deaths

India reported 6,093 new Covid infections in the past 24 hours against 6,395 cases on the previous day, the Union Health Ministry said on...

Natural Manuka Honey May Help Cure Drug-Resistant Lung Infection

A combination of natural manuka honey with a widely used drug can treat a lethal lung infection and greatly reduce side effects of one...

RELATED NEWS

Work From Home For Maximum Period of One Year In Special Economic Zone: Ministry of Commerce

As per the Commerce Ministry, Work from home (WFH) is allowed for a maximum period of one year in a special economic zone unit...

No GST Will Be Levied On Lentils, Rice, And Flour Including 9 Other Items: FM

Finance Minister Nirmala Sitharaman on Tuesday gave a list of food items that are exempted from GST, provided they are sold loose and not...

Sensex Surges 760.37 Points, Nifty Settles At 16,278.50

The stock market hit a one-week high on Monday. At close Sensex surged 760.37 points or 1.41% at 54,521.15, and the Nifty jumped 229.30...