South Korea has placed seven Russian banks on a sanctions list, along with a ban on trading in new Russian government bonds. The moves are aimed at forcing Russia to end its invasion of Ukraine.

South Korea’s financial transactions with Sberbank, VEB, PSB, VTB, Otkritie, Sovcom and Novikom, as well as their subsidiaries, should be suspended under the sanctions program established by the U.S., according to a statement released late Tuesday by the South Korean Finance Ministry in Seoul.

South Korean public and financial institutions should also stop trading in any Russian government bonds issued from March 2, the statement said.

South Korea joined global sanctions against Russia on Monday that are aimed at resolving the war in Ukraine.

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