PARIS, France – South Korea will ban exports of strategic materials to Russia and join the international effort to block some Russian banks from the SWIFT global payments system, the country’s Foreign Ministry said Monday.
The ministry did not disclose which key strategic materials would be subject to export bans but said it had notified the United States of its decision via a diplomatic channel.
The decision on whether to also ban exports of non – strategic materials, including semiconductors and electronics, will be ‘as soon as possible’, the ministry added.
The ministry also confirmed that South Korea will push for an additional release of strategic oil reserves to stabilize the international energy market, before further reviewing other measures, such as reselling liquefied natural gad to Europe.
South Korea will increase its humanitarian support to Ukraine by cooperating with the international community and sending non – lethal military equipment, the ministry said.