Suspension of South Korean financial transactions with the Central Bank of Russia

According to AFP, the Foreign Ministry said in a statement that it had decided to suspend all financial transactions with the Central Bank of Russia due to the financial constraints of the international community against Russia. South Korea’s decision comes as Western governments, international sports organizations and many large corporations have condemned Russia for imposing sanctions.

South Korea has previously said it would tighten export controls against Moscow by banning the shipment of strategic items, and has also joined Western countries in suspending financial transactions with several major Russian banks. This decision is the latest in a series of actions taken by Seoul against Russia and Belarus.

The International Monetary Fund (IMF) has warned that the global economic impact of the war in Ukraine could be devastating if the conflict escalates.

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