Standard Club informs that the South Korean Ministry of Economy and Finance issued a joint statement with the Ministry of Foreign Affairs on 1 March 2022, setting out details of the measures that the South Korean government is taking against Russia. Subsequently, there were further measures introduced as of 7 March 2022.
n March 1st 2022, the South Korean Government advised that sanctions will be imposed against Russia under three headings:
- Prohibiting transactions with major Russian banks
- Suspending investment in Russian treasury bonds
- Removing Russian banks from the SWIFT messaging system.
Major Russian banks mentioned under point 1 above are Sberbank, VEB, PSB, VTB, Otkritie, Sovcom, Novikom and their affiliated entities.
More Recently, on March 7th 2022, under the latest announcement, the South Korean government introduced additional financial measures against Russia. These are:
- Prohibiting transactions with the Russian Central Bank and the Sovereign Wealth Funds
- Prohibiting transactions with Bank Rossiya.
It should be recalled that the economic sanctions targeting Russia continue to evolve and escalate with many being coordinated among the EU, UK, US, and their allies including sanctions against President Putin and the Central Bank of Russia. Standard Club’s experts Mrs. Ursula O’Donnell and Mrs. Gina Venezia provide a summary of some of the recent actions.
On 5 March 2022, the Singapore government imposed sanctions against Russia in response to the ongoing conflict in Ukraine.
Also, International Association of Classification Societies (IACS) voted to expel the Russian Maritime Register of Shipping from their ranks.