South Korea Takes Economic Action Against Russia

South Korea has become the latest country to announce further economic action in response to the Russian invasion of Ukraine, Reuters reports:

From Tuesday, South Korea will immobilise any assets held by the Russian central bank in won currency and stop transactions with Russia’s central bank, following similar moves by the US States and the EU, its finance ministry said.

South Korea also announced new penalties on key Russian sovereign wealth funds, the National Wealth Fund of the Russian Federation and Russian Direct Investment Fund, as well as Rossiya Bank, to cut them off from any business with South Korean people and companies.

The measures follow South Korea’s decision last week to ban transactions with seven major Russian banks and their affiliates, including Sberbank.

Details of any Russian central bank assets held in won cannot be disclosed without the holder’s consent, a finance ministry official said.