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 announced new sanctions on Russia.
This time suspending transactions with the country's central bank.
To help Korean businesses trading with Moscow, the government will provide with financial support.
Yoon Jung-min has the latest.

South Korea has decided to halt transactions with Russia's central bank and two national wealth funds from Tuesday... in line with international sanctions over Russia's invasion of Ukraine.
The funds are the National Wealth Fund of the Russian Federation, which supports the pension system,... and the Russian Direct Investment Fund, which works to bring in foreign investment.
South Korea will also cut off transactions with Rossiya bank, which was not included last week on its sanctions list.
But, regarding Russia's central bank, Seoul will apply the same rules as the U.S. does... when it grants exceptions in certain areas such as energy supplies.
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, 22:00 (KST)

[Antropoids]

Its not sanctions - its special commercial operations

[jeffstrong]

Russia is very important partner for S Korea which has been helping S Korea more than the US with rocket and missile technologies and supported Dokdo is S Korean territory which Japan owe apology to S Korea. In Russian view, this is betrayal to a friend thus S Korea must make it clear that Russia is not an enemy of S Korea to Washington and S Korea supports humanitarian support for Ukraine and wants peace but absolutely no direct war support against Russia.