Will Seoul seek support for sanctions on North Korea at G-20 meeting?

By Kang Seung-woo

Staff reporter

Amid escalating tension between South and North Korea, the Seoul government is likely to seek support for its measures to cut funds to North Korea at the upcoming G-20 meeting of finance ministers.

According to the Ministry of Strategy and Finance Thursday, the government is considering raising the sinking of the naval warship Cheonan at the G-20 Finance Ministers' and Central Bank Governors' Meeting slated for June 4 to 5 in Busan.

The star-studded roster for the meeting includes U.S. Treasury Secretary Timothy Geithner, Federal Reserve Chairman Ben Bernanke, Japanese Finance Minister Naoto Kan, Bank of England Governor Mervyn King, IMF chief Dominique Strauss-Kahn, European Central Bank Governor Jean-Claude Trichet and World Bank President Robert Zoellick.

The Cheonan sank in the West Sea after an explosion of a torpedo fired from a North Korean submarine on March 26, killing 46 sailors.

However, as the incident is not really related to the main issue of the meeting, which is expected to concentrate on the ongoing southern European financial crisis, along with preparations for the G-20 Summit in November, it is likely to be done unofficially.

In a related move, Deputy Finance Minister Shin Je-yoon explained the military affair to those present at the G-20 Deputy's Meeting and Financial Market Conference in Berlin, Germany, last week and received a favorable reaction from the attendees.

"The sinking of the Cheonan is an important issue to us, as much as the southern European sovereign debt problem, so we voiced our opinion in bilateral meetings," said a high-ranking government official.

According to another official, the subject is unlikely to be broached as the meeting is an economy-oriented one.

The government plans to take advantage of this event to draw support from the G-20 members for the South's response as well as show how the nation's strong economy is stable and sturdy against the North Korean risk.

After confirming that the North attacked the warship, President Lee Myung-bak suspended trade with the neighboring North.