Adopted a series of sanctions against the Russian Federation

On 7 March 2022, the Government of the Republic of Korea adopted a series of sanctions against the Russian Federation, including export controls and the removal of several Russian banks from the SWIFT global payment system. In a related move, the Government decided to suspend transactions with seven major Russian banks and effectively ban investments in Russian government bonds.

• Type:

  • Entry and establishment (Ownership and control)
  • Treatment and operation (Investment related trade measures)
  • Treatment and operation (Capital transfer and FOREX)

• Industry:

  • Not industry specific
  • Services (Financial and insurance activities)

• Sources:

  • wsj, South Korea Bans Transactions With Russia’s Central Bank, https://www.wsj.com/livecoverage/russia-ukraine-latest-news-2022-03-07/card/south-korea-bans-transactions-with-russia-s-central-bank-96B5xib2OW41u03krYrp, 07 Mar 2022
  • bloomberg, South Korea Joins Financial Sanctions Against Russian Banks, https://www.bloomberg.com/news/articles/2022-03-01/south-korea-joins-financial-sanctions-against-russian-banks, 01 Mar 2022