In line with the steps of Western countries, South Korea will now tighten export controls on Russia by banning the export of strategic goods.
South Korea's Ministry of Foreign Affairs on Monday (23/2) stated that the country of ginseng would block several Russian banks from the SWIFT international payment system.
The South Korean government has also decided to promote the release of additional strategic oil reserves for stabilization of the international energy market.
Furthermore, South Korea will further review other measures such as resale of liquefied natural gas (LNG) to Europe.
"The Korean government condemns Russia's armed invasion of Ukraine and, as a responsible member of the international community, has decided to actively participate in the international community's efforts, including economic sanctions, for the peaceful resolution of the situation," South Korea's foreign ministry said in an official statement.
The strategic goods that South Korea will control its exports are the supply of electronics, semiconductors, computers, information and communications, sensors and lasers, navigation and avionics, as well as marine and aerospace equipment.
Not only that, South Korea's Ministry of Foreign Affairs ensured that his country would increase humanitarian aid to Ukraine. His decision has even been officially notified to the US Government through diplomatic channels.
The US and its allies agreed to block certain Russian banks' access to the SWIFT international payment system in response to the red bear country's invasion of Ukraine.
The actual steps will be implemented in the coming days. Joint statements have been written by the US, European Commission leaders, France, Germany, Italy, the UK and Canada.