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.
