The government is taking action to assist local businesses that will likely take on losses stemming from Seoul's participation in international sanctions on Russia in response to the Ukraine crisis.

At a meeting presided by finance minister Hong Nam-ki on Friday, the participants reviewed their findings after monitoring the economic and financial impact of Moscow's armed invasion of Ukraine and discussed measures to mitigate its impact on local firms.

The officials agreed to provide up to two trillion won in emergency financial aid to affected businesses, as well as offering other trade insurance-related assistance.

The government will also observe the impact of U.S. sanctions on the domestic economy and work to ensure that there are no disruptions in trade transactions.

Seoul will cooperate with the International Energy Agency(IEA) should it decide to tap into its reserves while also implementing a domestic response system to secure a stable supply of energy sources, which will include extending and diversifying imports.