First vice finance minister Lee Eog-weon said on Thursday that the U.S. Federal Reserve's rate hike is expected to have a limited impact on South Korea's financial market.

The vice minister presented the assessment after the Fed raised its benchmark interest rate by a quarter of a percentage point for the first time in more than three years on Wednesday.

Lee said in a meeting on macroeconomics that despite the Fed's move, global financial markets remained stable as the rate hike was within the range of earlier projections and there are expectations for a positive outcome in the negotiations between Russia and Ukraine.

The vice minister said the rate hike is likely to have a limited impact on the South Korean financial market given the country's economic fundamentals. 

However, Lee added that he cannot rule out the possibility of a global liquidity crisis if Russia's sovereign debt default is realized.

The official said the finance ministry will take preemptive measures to stabilize the market in cooperation with the Bank of Korea in case of a sharp rise in volatility.