Woori Bank's Russian subsidiary (Russia Woori Bank) said it has recovered 36 million euros (about 53.3 billion won), which had been tied to Europe for 28 months in the aftermath of Western sanctions against Russia.
On the morning of the 4th local time, Woori Bank of Russia received a full refund of 36 million euros in customer deposits deposited in Commerzbank, Germany, with permission to withdraw assets from the Bundesbank in Germany.
Assets deposited by Russian Woori Bank in Commerzbank have been frozen since June 2022, with the United States and the European Union introducing strong financial sanctions after Russia launched a "special military operation" in Ukraine in February 2022.
Most of the frozen funds were business funds from Korean companies operating in Russia or deposits from Koreans.
Woori Bank of Russia explained that it was able to obtain withdrawal permission only after it was confirmed that the entire frozen funds were not related to Russian defense or sanctions after actively cooperating with the headquarters Global Group and Germany and Russia's foreign missions.
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