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SEOUL, Feb 28 — South Korea introduced its resolution Monday to ban exports of strategic supplies to Russia and be a part of the multinational transfer to exclude the nation from the SWIFT world fee community, in a transfer to again a marketing campaign to carry Moscow accountable for its invasion of Ukraine.
The international ministry made the announcement as Washington is rallying allies and companions to impose “devastating prices” on Russia, together with its isolation from world monetary and commerce techniques, Yonhap information company reported.
Seoul has notified Washington of its resolution on the sanctions by way of a diplomatic channel, the ministry stated, following numerous issues, together with relations with Moscow, nonetheless a associate for peace on the Korean Peninsula, commerce and different exchanges.
South Korea plans to strengthen export screening procedures regarding Russia.
It’s anticipated to bar the exports to Russia of strategic supplies singled out by 4 multilateral export management regimes — the Nuclear Suppliers Group (NSG); the Wassenaar Association (WA); the Australia Group (AG); and the Missile Know-how Management Regime (MTCR).
The regimes are aimed toward heading off the unfold of weapons of mass destruction, their supply automobiles and associated applied sciences and tools.
Earlier, Washington introduced restrictions on exports of United States origin know-how and merchandise to 49 Russian navy entities, together with its protection ministry, beneath a “coverage of denial.”
Washington is thought to have requested Seoul take such robust export management measures towards Moscow.
South Korea additionally plans to finalise a choice on doable steps it could possibly soak up reference to US standalone export curbs towards Russia on dozens of things, equivalent to semiconductors, computer systems, telecommunications, data safety tools, lasers and sensors.
On the monetary entrance, Seoul plans to hitch the transfer to take away Russia from the SWIFT fee system that hyperlinks 11,000 banks and establishments in additional than 200 international locations and permits the sleek cross-border switch of cash.
The US, Britain, Canada and different international locations have already moved to exclude key Russian banks from the system.
South Korea plans to resolve on particular steps to hitch the monetary sanctions after interagency consultations, the ministry stated.
Other than partaking within the sanctions programme, Seoul plans to bolster humanitarian help for Ukraine. That features the supply of navy fits and different in-kind contributions and the enlargement of official growth help allotted for Ukraine.
— BERNAMA
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