Ukraine crisis: South Korea to cut transactions with Russia's central bank, says foreign ministry

South Korea on Monday toughened its financial sanctions against Russia by banning transactions with Russia's central bank, joining further global efforts to isolate Russia over its attack on Ukraine.

South Korea's foreign ministry said it has decided to immobilise any assets held by the Russian central bank in the won and to sever transactions with Russia's central bank, following similar moves by the United States and the European Union.

The new penalties on Russia follows Seoul's March 1 decision to ban transactions with seven major Russian banks and their affiliates, including Sberbank.

Russia calls its actions in Ukraine a "special operation".