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28 Feb 2022

Hyonhee Shin,
Cynthia Kim, Reuters

S.Korea bans exports of strategic items to Russia & joins SWIFT sanctions in response to Russia's aggression on Ukraine

S.Korea bans exports of strategic items to Russia, joins SWIFT sanctions, 28 February 2022

South Korea will tighten export controls against Russia by banning shipments of strategic items and join Western countries' moves to block some Russian banks from the SWIFT international payments system, Seoul's foreign ministry said...

"The Korean government condemned Russia's armed invasion of Ukraine and, as a responsible member of the international community, decided to actively participate in the international community's efforts, including economic sanctions, for a peaceful resolution of the situation," the ministry said in a statement.

Among the strategic items that could be controlled are supplies of electronics, semiconductors, computers, information and communications, sensors and lasers, navigation and avionics, and marine and aerospace equipment...

Two leading banks in South Korea confirmed on Monday that while they haven't yet received specific guidelines from SWIFT, or the member-owned cooperative for interbank payment system, they stopped trade financing with at least seven Russian banks.

South Korea's Shinhan Bank and one other leading lender said that they stopped issuing letters of credit and other trade financing to PSB, VEB, VTB, Bank Otkritie, Novikombank, Sovcombank, and Sberbank (SBER.MM). The second Korean bank declined to be identified due to the sensitivity of the matter...