The government appears to be reacting indecisively to the situation in Crimea.
The Ministry of Foreign Affairs issued a statement Wednesday denouncing Russia's move to allow Crimea to join the Russian Federation, saying it won't recognize the annexation treaty signed by President Vladimir Putin.
However, it didn't go as far as to join in implementing sanctions the United States and European countries have imposed on Russia.
"The sovereignty, territorial right and independence of Ukraine must be respected," the statement said. "We cannot recognize Crimea's annexation by Russia."
The ministry, however, said Seoul has yet to decide on whether to join in international sanctions.
This is a major contrast to Japan, which is already moving toward imposing them.
"From the perspective of Seoul, it cannot lash out at Russia because of its economic and political significance," said Prof. Shin Yul at Myongji University.
"Without the cooperation of Russia, we cannot forge ahead with the Eurasia initiative. Plus, Russia still has a big say in inter-Korean relations. We cannot afford to make Moscow angry at us. In that sense, we are in a dilemma."
Observers note that basically, Seoul sides with the United States and the European Union in that it opposes Crimean independence, but it must also consider envisioned economic cooperation with Russia.
Asked whether or not Korea has specific plans for sanctions, foreign ministry spokesman Cho Tae-young said, "As far as I know, nothing has been fixed yet."
Cho only indicated the government's stance by saying, "we agreed with the March 15 United Nations resolution," which refused to recognize the validity of the referendum in Crimea.
A strong "yes" vote in the controversial March 16 referendum paved the way for Putin to sign the agreement under which the region rejoined Russia.
In response to Moscow's first territorial expansion since the Cold War, the U.S. and E.U. threatened to freeze Russian assets and capital amounting to tens of billions of dollars.
Japan also immediately came up with punitive steps including suspending negotiations geared toward easing procedures for issuing visas. In contrast, Korea is taking a wait-and-see attitude.
To find future growth engines, President Park Geun-hye has proposed a set of Eurasia initiatives including building a "Silk Road Express," which will link railways and roads starting in South Korea to Europe through North Korea and Russia.
After chalking up initial success on the plan, Park reiterated that Seoul will seek opportunities for three-way economic collaboration involving the two Koreas and Russia or China.
After the dissolution of the Soviet Union in the early 1990s, Ukraine inherited nuclear weapons that at the time gave it the world's third-largest nuclear arsenal.