South Korea’s government announced Tuesday that it will cut financial transactions with seven Russian banks as part of its economic sanctions against the Russian government, in response to Russia’s attack on Ukraine. The Finance Ministry stated that it will halt financial transactions with seven major Russian banks and their subsidiaries that the United States has sanctioned, local media Yonhap News Agency reported. These banks include Russian state development corporation VEB, state-owned financial institution Sberbank, PSB, VTB Bank, Bank Otkritie, Novikombank, and Sovcombank. The government also urged local public and financial institutions to stop trading in Russian state bonds issued from March 2. The new sanctions came just a day after the government announced a restriction on strategic item shipments to Russia and joined the international community in banning Russian banks from the SWIFT global interbank network. The strategic items include microelectronics, telecommunications items, sensors, navigation equipment, avionics, marine equipment, and aircraft …