The government will extend support for South Korean people and businesses adversely affected by global sanctions imposed on Russia for its invasion of Ukraine.

The Financial Services Commission said on Friday that domestic banks and their Russian subsidiaries will set up a temporary payment route to guarantee settlement for non-sanctioned trade items.

The government will also provide loans for families of South Korean people working in Russia to help cover living expenses amid disruptions in wire transfers.

The banking sector is expected to set a guideline on confirming the income for those staying overseas and authorizing a proxy to offer them loans.

For South Korean residents and students in Russia, the government has raised the limit on the amount of emergency money that can be transferred through diplomatic missions abroad, increasing it from three-thousand to eight-thousand dollars.