Biden thanks Moon for joining in imposing of sanctions on Russia

South Korean President Moon Jae-in received a letter of appreciation on Tuesday from U.S. President Joe Biden.

Biden thanked South Korea for imposing exports restrictions and financial sanctions on Russia.

In the letter, Biden said that Seoul’s determined measures would be a strong message supporting the sovereignty of Ukraine.

He added that the country’s release of strategic oil reserves will help stabilize the global energy market and praised South Korea’s leadership in helping to secure world order.

This comes following the inclusion of South Korea in Moscow’s list of “unfriendly countries.”

The Government of the Russian Federation approved on Monday a list of foreign states and territories taking “unfriendly actions” against it.

48 countries including the U.S., Britain, the EU, Australia, Japan, Canada and Ukraine are also in the list.

All have joined or imposed sanctions against Moscow following its invasion of Ukraine.

Moscow is expected to impose sanctions on the states included in the list.

The Russian government explained that this list was created along with a decree signed by President Vladimir Putin on Saturday saying that Russian companies will be allowed to pay foreign creditors from “countries that engage in hostile activities” in rubles.

This decree was to create a way to avoid defaults while capital controls remain in place.

Due to Russia’s list and the decree, many South Korean companies are expected to suffer.

There are around 40 South Korean conglomerates located in Russia including the tech giant Samsung Electronics which has the largest share of the smartphone and TV markets in Russia.

Economy and Finance officials from South Korea, Russia and five other countries agreed to cooperate in responding to the economic uncertainties coming from the Russia-Ukraine crisis.

First Vice Minister of Economy and Finance Lee Eog-weon on Tuesday met virtually with officials from the U.S., Russia, Britain, Belgium, Germany and UAE.

Lee called on the Russian authorities to support local companies located in Russia so that they can properly receive the South Korean government’s support and agreed to closely monitor the economic situation.

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