Chaos in Seoul. What’s happening in South Korea and why has martial law been implemented?
The President of South Korea, Yoon Suk-yeol, unexpectedly declared a state of martial law. Military equipment appeared on the streets of Seoul, and by his order, the operations of political parties were suspended. Security forces entered the parliament, but lawmakers were able to pass a resolution requiring the president to revoke the decree.
RBC-Ukraine reports on the situation in South Korea.
Martial Law in South Korea: What the President Announced
The president announced the martial law in an emergency address to the nation. According to him, it is necessary to "eliminate anti-state elements" and protect the country from the communist forces of North Korea.
He began his address by stating that the parliament - the National Assembly - is pursuing the impeachment of several ministers, including the defense and national security ministers. "This situation is unprecedented not only for any country in the world but also since the founding of our nation," - said Yoon.
He also criticized the budget process, during which cuts were proposed to essential government functions, security maintenance, and anti-drug efforts, which could turn South Korea into a "drug paradise."
Photo: President of South Korea Yoon Suk-yeol declared martial law (Getty Images)
According to him, the opposition Democratic Party has reduced the budget for 2025 by almost $3 billion, taking funding from disaster response, social benefits, and gas field development, while postponing pay raises for the military. He called the lawmakers' behavior a "legislative dictatorship."
"This is a blatant anti-state act aimed at unleashing civil war by violating the constitutional order of the free Republic of Korea and undermining legitimate state institutions... I declare martial law to protect the free Republic of Korea from the threat of communist forces in North Korea, to eradicate pro-North Korean anti-state forces, and to safeguard the free constitutional order," - Yoon declared.
With the imposition of martial law, he promised to "normalize the country as soon as possible." "Such measures are inevitable, and there will be no changes in foreign policy... Please trust me," - the president appealed to the people.
It should be noted that martial law is declared in conditions of military threat or when civil authorities are unable to function. As a legal regime, it may include the suspension of ordinary civil rights. Generally, it is a temporary regime but can be extended.
In his address, Yoon referred to Article 77 of the constitution, which states that martial law can be imposed "to meet military necessity or to maintain public safety."
Domestic Context and Preconditions for Martial Law
No South Korean president has declared martial law since the country became a democracy in the 1980s. South Korea is a presidential republic. The president has extensive powers, appoints the prime minister (with parliamentary approval), and is the commander-in-chief of the armed forces.
It is worth noting that the current martial law is not related to any immediate military threat from North Korea but is a consequence of purely internal events.
Yoon Suk-yeol won the elections in spring 2022 as a candidate from the conservative People Power Party. However, in the 2024 parliamentary elections, his political force suffered a defeat. Currently, it holds 108 seats out of 300, compared to 170 for the opposition Democratic Party.
Thus, after the convincing victory of the Democrats, Yoon found himself in the position of a so-called "lame duck." He lacks the votes to push through his legislation and instead desperately vetoes any bills proposed by the opposition.
Moreover, Yoon is embroiled in several scandals, the main one involving his wife. She is accused of corruption and influence peddling, and prosecutors are criticized for not conducting a special investigation into her case.
This week, the opposition cut budgets proposed by the government and the ruling party. The problem is that the budget bill cannot be vetoed. This week, the opposition plans to announce impeachment proceedings against cabinet members.
Army on the Streets and in Parliament: What is Happening in Seoul
Following Yoon's address, the Democratic Party called for all its members to urgently gather in the National Assembly. Its leader, Lee Jae-myung, called the president's actions unconstitutional and illegal.
Notably, the leader of the pro-presidential People Power Party, Han Dong-hoon, has labeled Yoon's decision as incorrect. He promised to work with the people to end the state of martial law.
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Photo: Opposition supporters outside the South Korean Parliament building (Getty Images)
Reports indicate that a meeting of military commanders took place at the Ministry of Defense. The department also issued instructions to enhance the emergency readiness of the police and military.
The Chief of Staff of the South Korean Army, General Park An-soo, who has been appointed commander of the martial law, announced the suspension of parliament and political parties.
"The work of the National Assembly, local councils, political parties, political associations, and rallies is prohibited. All political activity, including protests, is banned," - he stated.
In addition to the work of the National Assembly, "any actions that deny the liberal-democratic system" will also be prohibited, as well as fake news and false propaganda. "All media and publications are subject to control in accordance with the martial law," - emphasized Park.
BREAKING:
— Visegrád 24 (@visegrad24) December 3, 2024
South Korea introduces emergency Martial Law.
Riot police has been deployed in front of Parliament, stopping Members of Parliament from entering the building. pic.twitter.com/nMnDYrYaKF
Violators face arrests, searches, and detentions without warrants. According to the decree, the military will attempt to minimize inconvenience for ordinary citizens, except for those forces that "plan to change the government." The Ministry of Defense has also ordered reservists to be prepared for active duty.
Photos and videos of military equipment on the streets of Seoul are circulating online. Combat helicopters are flying over the capital of South Korea. According to eyewitnesses, several columns of vehicles were moving towards parliament.
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Photo: Military equipment on the streets of Seoul (x.com/ashoswai)
Reports indicate that protesters, along with opposition lawmakers, tried to enter the National Assembly building. They were hindered by security forces acting on the president's orders.
How Financial Markets are Responding to Martial Law
In light of the news from Seoul, the USD/KRW exchange rate increased by 2%. According to trading data, the South Korean currency fell to 1435 won per dollar. The last time the exchange rate was at this level was two years ago.
Shares of the largest manufacturer, Samsung Electronics, fell by 7.21% during trading on the London Stock Exchange, dropping to $888.5. The Korea Stock Exchange is closed, as it is currently around midnight in South Korea.
The Bitcoin exchange rate against the won dropped by 30%. It is worth noting that the Korean won is the third most popular currency paired with which Bitcoin is traded (after the dollar and the stablecoin USDT). This year, the won has repeatedly surpassed the dollar in trading volumes on cryptocurrency exchanges. Additionally, Bitcoin reached a local minimum against the dollar, dropping to $93,600 for the first time in a week.
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Photo: South Korean exchanges react with a crash in cryptocurrency (Getty Images)
However, about 80% of trading volumes on Korean platforms consist of altcoins, which are more popular among local traders than Bitcoin or Ethereum. Following the imposition of martial law, certain trading pairs in altcoins against the won also saw significant declines. Major local cryptocurrency exchanges are experiencing technical difficulties; some sites are not opening, while others are functioning with delays.
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Despite the presence of security forces, the National Assembly