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Russia Banks Raise Key Rates by 20% in Desperate Measure to Save Ruble

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Reuters

S.Korea bans exports of strategic items to Russia, joins SWIFT sanctions

SEOUL (Reuters) -South Korea will tighten export controls against Russia by banning shipments of strategic items and join Western countries’ moves to block some Russian banks from the SWIFT international payments system, Seoul’s foreign ministry said on Monday. “The Korean government condemned Russia’s armed invasion of Ukraine and, as a responsible member of the international community, decided to actively participate in the international community’s efforts, including economic sanctions, for a peaceful resolution of the situation,” the ministry said in a statement. Two leading banks in South Korea confirmed on Monday that while they haven’t yet received specific guidelines from SWIFT, or the member-owned cooperative for interbank payment system, they stopped trade financing with at least seven Russian banks.



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