Government: "Supporting Our Companies to Ensure No Payment Disruptions Due to Financial Sanctions on Russia"
Support for Opening Alternative Accounts for Our Company and Trade Payment Settlement Through Them
[Asia Economy Sejong=Reporter Kwon Haeyoung] The government will prepare alternative payment methods to support smooth settlement of transaction payments for Korean companies amid the U.S. financial sanctions against Russia.
The Ministry of Economy and Finance announced on the 25th that it is holding a daily pan-government 'Ukraine Crisis Emergency Response Task Force (TF)' to closely monitor the financial sanctions trends of Western countries such as the U.S. and the European Union (EU) and their domestic impacts.
Earlier, after Russia invaded Ukraine, the U.S. designated major Russian banks as sanction targets to block financial transactions and decided to impose secondary sanctions, including prohibiting third-country financial institutions that violate these sanctions from accessing the U.S. financial system.
Currently, the Financial Supervisory Service is inspecting the transaction relationships between domestic banks and the sanctioned Russian banks. The government plans to cooperate and support relevant diplomatic authorities to ensure that if any difficulties arise, Korean companies can open alternative accounts and settle trade payments without disruption.
The Financial Supervisory Service has also established a 'Financial Difficulty Consultation Center related to Anti-Russian Financial Sanctions' to receive and resolve financial difficulties faced by companies, local employees, and international students.
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An official from the Ministry of Economy and Finance said, "In case of affected companies, trade finance and emergency financial support will also be implemented," adding, "The government will resolve the difficulties and concerns of Korean companies caused by the anti-Russian financial sanctions and respond swiftly to changes in the situation."
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