South Korea declared on Monday that it would prohibit the supply of strategic materials to Russia and would join a multinational effort to bar Russia from the SWIFT global payment network, as part of a drive to hold Moscow accountable for its invasion of Ukraine.
According to sources, the decision comes as Washington rallies friends and partners to impose "devastating penalties" on Russia, including exclusion from global banking and trade networks.
According to the ministry, Seoul informed Washington of its decision on the sanctions through a diplomatic channel, based on a number of factors, including relations with Moscow, which is still a partner for peace on the Korean Peninsula, commerce, and other exchanges.
In the case of Russia, South Korea intends to improve export screening procedures.
It is likely to prohibit the shipment of strategic materials to Russia that have been identified by four multilateral export control regimes: the Nuclear Suppliers Group (NSG), the Wassenaar Arrangement (WA), the Australia Group (AG), and the Missile Technology Control Regime (MTCR).
The regimes are designed to prevent the proliferation of weapons of mass destruction, as well as their delivery vehicles, technologies, and equipment.Under a "policy of denial," Washington placed limitations on exports of US-made technology and products to 49 Russian military agencies, including the Defense Ministry.