| 25 February 2024, Sunday |

South Korea bans exports of strategic items to Russia, joins SWIFT sanctions

South Korea’s foreign ministry announced on Monday that it will strengthen export controls against Russia by prohibiting the transfer of strategic products and will join Western countries in blocking some Russian banks from the SWIFT international payments system.

The Korean government has also resolved to push the release of additional strategic oil reserves in order to stabilize the international energy market, as well as to review other measures such as LNG resale to Europe, according to a statement from the ministry.

The Korean government “condemned Russia’s armed invasion of Ukraine and, as a responsible member of the international community, chose to actively participate in international measures, including economic sanctions, to bring the crisis to a peaceful conclusion,” according to the statement.

Electronics, semiconductors, computers, information and communications, sensors and lasers, navigation and avionics, and maritime and aerospace equipment are among the strategic things that will be controlled.

According to the ministry, South Korea would increase humanitarian help to Ukraine, and its choices have been officially communicated to the US government through diplomatic channels.

  • Reuters