The Republic of Korea has responded to the conflict in Ukraine with the following sanctions measures (listed by date, beginning with most recent). With relevant developments, we will update this post on a weekly basis.
March 7, 2022: The Foreign Ministry announced of the Republic of Korea (ROK) had banned all financial transactions with the Russian Central Bank and sovereign wealth funds (with the exception of energy-related payments), as well as Bank Rossiya.
February 28, 2022: The ROK imposed more restrictive export controls on Russia regarding shipments of strategic items—including electronics, semiconductors, computers, information and communications, sensors and lasers, navigation and avionics, and marine and aerospace equipment—and blocks seven Russian banks from the SWIFT international payments system, including Sberbank, VEB, PSB, VTB, Otkritie, Sovcom and Novikom. The Finance Ministry confirmed it would “immediately” block the Russian banks from the SWIFT global payments system as soon as the EU specifies its detailed plan.
Our related publications:
Additional US, UK and EU Sanctions on Russia (March 2022)
Transatlantic Trade | US and Europe
Please contact us at InternationalTradeCompliance@squirepb.com with any questions.