South Korea said Monday it plans to suspend transactions with Russia's central bank, joining the global move to impose additional sanctions against Moscow over its invasion of Ukraine.

The government said it will announce details after consulting with related government agencies.

The US has banned transactions with Russia's central bank, the finance ministry and sovereign wealth funds as part of fresh sanctions against Moscow. The European Union also announced similar sanctions.

South Korea has joined the multinational sanctions against Russia, including export control and the removal of Moscow from the SWIFT global payment system.

In a related move, South Korea has decided to suspend transactions with seven major Russian banks and effectively ban investments in Russian government bonds. (Yonhap)