The government is shoring up efforts to cushion the blow on South Korean companies doing businesses with Russia, with regard to sanctions imposed by Washington over Moscow’s invasion of Ukraine. 

According to the Ministry of Economy and Finance and the Financial Services Commission on Friday, the government is holding emergency task force meetings on a daily basis to monitor the developments regarding sanctions from the U.S. and other European nations on Russia and their possible impact on the local economy and businesses. 

The Financial Supervisory Service is checking on contracts between South Korean banks and five major Russian banks listed by the U.S. Treasury as targets of its sanctions, including the country's two largest lenders state-backed Sberbank and VTB, as well as wealthy individuals and their families.

The agency plans to arrange assistance for local companies and banks in settlements.  

Financial authorities said if any settlement issue occurs regarding South Korean companies doing business with Russia due to the ongoing crisis in Ukraine, they will do their best to help resolve problems, possibly through cooperation with related diplomatic authorities. 

The government also plans to set up a counseling center within the FSS to collate any possible issues facing local companies regarding the conflict and consequent international sanctions.