Temporary operation of five diplomatic offices, including the Russian embassy, customers lined up at an IKEA store in Moscow, Russia, on the 3rd. 2022.03.03/news1 © Reuters = News 1 © News1 Reporter Kim Min-soo
Reporter Go-Woon Huh = The Ministry of Foreign Affairs announced on the 18th that it would temporarily expand the expedited overseas remittance system for Koreans residing in the country who are having difficulties in securing living expenses and study abroad funds due to sanctions against Russia.
Expedited overseas remittance is a system in which a certain amount of money is deposited into the account of the Ministry of Foreign Affairs in Korea, and the local embassy receives it and delivers it to overseas residents. It takes at least 2-3 days from depositing to the Ministry of Foreign Affairs account to receiving the applicant.
The Ministry of Foreign Affairs plans to expand and operate this system at five diplomatic missions in Russia, including the Russian Embassy in Russia, the Consulate Generals of St. Petersburg, Vladivostok and Irkutsk, and the Yuzhno-Sakhalinsk branch office in Russia from the 21st.
Accordingly, the limit for expedited overseas remittance applications through these Russian diplomatic missions will be increased from the current $3,000 to $8,000. You can choose between 500, 1000, 1500, and 2000 dollars for each application.
The Ministry of Foreign Affairs announced that it would closely monitor the local situation and continue to consult with relevant ministries to resolve the difficulties of Koreans residing in Russia.
Countries such as the United States and Europe, including Korea, have imposed economic and financial sanctions after Russias armed invasion of Ukraine on the 24th of last month.
In particular, as major Russian banks are expelled from the International Interbank Telecommunications Association due to the sanctions, it is known that there is an increasing number of cases in Korea experiencing inconvenience in remittance to Russia.