We are talking about restrictions on Sberbank, VEB, Promsvyazbank, VTB, Otkritie, Sovcombank and Novikombank.
South Korea will ban financial transactions with seven major Russian banks and branches as part of economic sanctions against Russia.
The country's Treasury Department has released a detailed sanctions plan after consulting with the US Treasury Department, writes CNN.
Seven Russian banks: Sberbank, VEB, Promsvyazbank, VTB, Otkritie, Sovcombank and Novikombank.
The ban will follow the US grace period for sanctions, with exceptional transactions allowed for agriculture, COVID-19 medicines and energy support.
The ministry “strongly recommends” that local government and financial institutions stop investing in Russian government bonds issued after Wednesday, March 3.
South Korea will also immediately block Russian banks from the SWIFT global payment system once the European Union refines its detailed plan, the ministry added.
Recall that US intelligence has called the assessment of the state of mind of Russian President Vladimir Putin a top priority, trying to find out how his condition affects the continuation of the war in Ukraine. Putin's behavior is becoming increasingly erratic and irrational, experts say. After he embarked on Russia's invasion of Ukraine, senior US officials asked the intelligence services to collect any new information about how the leader of the aggressor country lives and how his thinking was influenced by an unexpectedly single and harsh response from European neighbors.
