South Korea also imposed sanctions on seven Russian banks

South Korea announced hours ago that it has banned financial transactions with seven Russian banks in line with sanctions imposed on Russia.

The Korean Ministry of Economy has announced that the details of these sanctions will be announced after consulting with the US Treasury Department.

These 7 Russian banks include Sberbank, VEB, VTB, PSB, Otkrit, Sofcom and Novicom.

However, South Korea has announced that it will be allowed to conduct transactions related to agriculture, pharmaceutical items to fight the Corona virus, as well as oil and gas.

Russia’s Ministry of Economy has strongly urged financial institutions and public institutions to stop investing in Russian government bonds as of today. South Korea has also said it will cut off Russian banks’ access to Swift as soon as details of the move are determined by the European Union.

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