(Bloomberg) -- South Korea is joining global efforts to impose sanctions against Russia's financial system by putting restrictions on transactions with major Russian banks and excluding them from the SWIFT payments system.
The South Korean finance ministry announced Tuesday that it will ban transactions with seven major Russian banks and their affiliates, including Sberbank of Russia PJSC. The action is in line with U.S. financial sanctions and comes after the authorities in Seoul discussed the issue with U.S. counterparts.
The Korean government also strongly urged domestic public and financial institutions to suspend any trading of Russian treasury bonds that are issued after March 2.
The government also supports the move to ban major Russian banks from the SWIFT system, according to the ministry statement, adding that it would immediately implement this once the European Union finalizes details of the ban.
Read more: Why SWIFT Ban Is Such a Potent Sanction on Russia: QuickTake
“Our government will continue to closely monitor the situation in Ukraine and the move by the U.S. and EU to place sanctions on Russia,” the ministry said in the statement. “We will make a swift decision on any additional sanctions in respond to the demands of international society.”
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