South Korea Sanctions Russian Banks, Urges Local Institutions to Halt Trading in Russian State Bonds

South Korean President Moon Jae-in speaks during an on-line New Year press conference with local and foreign journalists at the Presidential Blue House in Seoul, South Korea, on Jan. 18, 2021. Jeon Heon-kyun/Pool Photo via AP

South Korea’s government announced Tuesday that it will cut financial transactions with seven Russian banks as part of its economic sanctions against the Russian government, in response to Russia’s attack on Ukraine.

The Finance Ministry stated that it will halt financial transactions with seven major Russian banks and their subsidiaries that the United States has sanctioned, local media Yonhap News Agency reported.