Imposing country: South Korea

The suspension of Finance transactions with the Russia’s Central Bank, National Wealth Fund of Russian Federation, and Russian Direct Investment Fund will take effect from March 8.
However, transactions will be allowed for energy related payments under the same guidance issued by the US in the form of general license.
Bank Rossiya, one of the seven Russian banks listed on EU’s ban of Russian banks from the SWIFT system announced on March 2 will be included in the suspension from March 8 without further grace period.
Including the additional sanctions announced today, Korea has suspended the transactions with a total of eleven Russian Finance institutions, and their affiliated entities, as well as investments in Russian government bonds issued after March 2. The ban of seven Russian banks from the SWIFT system will be effective as of March 12, in compliance with the decision made by the EU.

The government will suspend Finance transactions with seven major Russian banks—Sberbank, VEB, PSB, VTB, Otkritie, Sovcom, Novikom—and their affiliated entities. The suspension will follow the U.S. wind-down period for each bank, allowing the same level of exceptions as those provided under relevant U.S. General Licenses.
Public and private Finance institutions are strongly urged to suspend transactions—in both primary and secondary markets—of all Russian treasury bonds issued on or after 2 March 2022. The government will actively induce public institutions to comply and expects private institutions to prevent such transactions so the Finance sanctions are effectively enforced.
The Korean government supports expelling Russian banks from SWIFT and will immediately implement the EU measures once the list of banks and the time of imposition are announced.