South Korea will also block Exports and access to Russia’s SWIFT

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South Korea has decided to ban the export of strategic materials to Russia and plans to join the movement to exclude Moscow from the SWIFT system as punishment for its invasion of Ukraine, according to sources from the Foreign Ministry in Seoul to the Yonhap agency.

The decision to limit exports of strategic products comes after countries such as the US or Japan have done the same with semiconductors and other high-tech goods such as telecommunications equipment, lasers or sensors to entities linked to the Russian defense industry.

In turn, Seoul plans to join the G7 and EU initiative to leave Russian banks out of the SWIFT international transaction system and has in fact already notified Washington through diplomatic channels.

The Swift transaction system is the foundation of the global financial architecture and is used by 11,000 banks in 200 countries or territories to make transfers.

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