S. Korea halts transactions with Russia's central bank in line with int'l sanctions

정부 "러시아 중앙은행과 거래 중단 등 추가 제재 결정"

South Korea today announced new sanctions on Russia,... this time suspending transactions with Russia's central bank.
To help Korean businesses trading with Russia, the government is going to provide them with financial support.
Yoon Jung-min reports.
South Korea has decided to halt transactions with Russia's central bank... in line with international sanctions over Russia's invasion of Ukraine.
The Korean government said on Monday that more details will be announced later... after consultations with related ministries.
This comes as the U.S. and its allies announced bans on transactions with Russia's central bank and national wealth fund.
South Korea announced last week... that it is banning financial transactions with seven major Russian banks, while joining the move to expel Moscow from the SWIFT international payment system.
It also has already announced plans to cut off exports to Russia of strategic materials... as well as certain non-strategic materials.

"If Ukraine people will endure pretty long period of time, then it would definitely put huge burden to Putin's Russia. But it also hurts not only Russia, but also the country that actually put sanctions on Russia."

For Korean exporters that might be affected by the sanctions, South Korea plans to provide aid of up to 1-billion Korean Won or some 815-thousand U.S. dollars... to firms whose trading with Russia and Ukraine exceeds 30 percent of their exports.
More than 18-hundred firms are likely to be eligible for the aid.
And the government plans to provide special guarantees on loans for companies likely to take a hit.
It is also monitoring growing uncertainties in financial markets... because of the crisis in Ukraine and sanctions on Moscow.
Yoon Jung-min, Arirang News.

#Russia #central_bank #sanction

2022-03-07, 17:00 (KST)