SEOUL (Reuters) – South Korea will tighten export controls against Russia, by banning exports 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 has also decided to promote the additional release of strategic oil reserves for stabilisation of the international energy market and to further review other measures such as the resale of LNG to Europe, the ministry said in statement.
“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 statement said.
Among the strategic items that will be controlled are supplies of electronics, semiconductors, computers, information and communications, sensors and lasers, navigation and avionics, and marine and aerospace equipment.
South Korea will boost humanitarian aid to Ukraine, the ministry added, saying its decisions have been officially notified to the U.S. government through diplomatic channels.
(Reporting by Hyonhee Shin and Joyce Lee; Editing by Christian Schmollinger and Michael Perry)