The Republic of Korea’s Economic Actions to Support Ukraine

PRESS STATEMENT

ANTONY J. BLINKEN, SECRETARY OF STATE

MARCH 2, 2022

The United States and the Republic of Korea (ROK) are standing shoulder-to-shoulder in support of Ukraine by responding to Russia’s premeditated, unprovoked, and unjustified attack. The ROK’s announcement of economic actions against Russia will help defend the freedom, territorial integrity, and sovereignty of Ukraine and illustrates the ROK’s commitment to preserving the rules-based international order. The ROK’s support for denying selected Russian banks access to the global SWIFT financial messaging system, along with its commitment to block financial transactions with major Russian banks and impose other financial and export controls, will support international efforts to isolate Russia from the international financial system and technology trade. At the same time, the ROK’s commitment to release additional petroleum from its strategic reserves will help our shared efforts to stabilize the global energy market. The United States also welcomes the ROK’s commitment to help the people of Ukraine by committing an additional $10 million in emergency humanitarian aid. Our joint actions demonstrate the unity and resolve of the United States, the ROK, and our allies and partners to stop Russia’s aggression in Ukraine.