On Wednesday, South Korean lawmakers called for the impeachment of President Yoon Suk Yeol following his brief declaration of martial law, which sparked significant political turmoil.
The unexpected martial law announcement on Tuesday evening led to a confrontation with parliament, which resisted his attempts to suspend political activities and censor the press.
At one point, lawmakers resorted to using fire extinguishers to block military personnel from entering the parliamentary building.
An alliance of opposition party lawmakers announced plans to introduce an impeachment bill against President Yoon on Wednesday, with a vote expected within 72 hours.
“Parliament should focus on immediately suspending the president’s duties to expedite the passage of an impeachment bill,” stated Hwang Un-ha, a member of the coalition, to the press.
In a national TV address, Yoon asserted that martial law was essential to safeguard the country from threats posed by nuclear-armed North Korea and internal anti-state groups, and to maintain its constitutional freedom, although he cited no specific threats.
Shortly afterward, with 190 out of 300 parliament members present, a unanimous vote was cast demanding the cessation of martial law, including all 18 members from Yoon’s own party, leading to his withdrawal of the declaration.
Outside the National Assembly, demonstrators celebrated loudly, chanting “We won!” and rhythmically drumming.
The Korean Confederation of Trade Unions, South Korea’s largest union group, declared that thousands of its members would strike until Yoon resigned, planning a major rally in central Seoul later that day.
Additional protests were anticipated, including one near the National Assembly where people had gathered the previous evening to oppose Yoon’s order and subsequently demand his resignation.
Major corporations like Naver Corp and LG Electronics advised their employees to work remotely due to the unrest.
South Korean markets opened with a drop of approximately 2% on Wednesday, but the Korean won stabilized, trading at around 1,418 to the dollar after reaching a two-year low.
In response to volatile market conditions, the Finance Ministry committed to significant financial interventions as necessary, following emergency discussions led by Finance Minister Choi Sang-mok and Bank of Korea Governor Rhee Chang-yong.
“We will inject unlimited liquidity into stocks, bonds, the short-term money market, and the forex market until they are fully normalized,” the government said in a statement.
An extraordinary meeting of the Bank of Korea was scheduled to start at 9 am Wednesday (0000 GMT).
Following the martial law announcement, South Korea’s military had planned to prohibit legislative and political party activities, placing media and publishers under martial law command oversight.
Troops wearing helmets made a brief attempt to enter the parliamentary premises, with aides defending the entrance using fire extinguishers.
The leading opposition Democratic Party demanded Yoon’s resignation or impeachment in response to the martial law announcement, marking the first such declaration since 1980.
“Even if martial law is lifted, he cannot avoid treason charges. It was clearly revealed to the entire nation that President Yoon could no longer run the country normally. He should step down,” declared senior DP parliamentarian Park Chan-dae.
The National Assembly has the power to impeach the president if more than two-thirds of its members vote in favor. Subsequently, the constitutional court holds a trial which can finalize the impeachment with a minimum of six out of nine justices affirming.
Yoon’s party holds 108 seats in the 300-member parliament.
Danny Russel from the Asia Society Policy Institute in the United States remarked, “South Korea as a nation dodged a bullet, but President Yoon may have shot himself in the foot.”
The situation has drawn international concern, particularly because South Korea has been a democratic nation since the 1980s, is an ally of the U.S., and plays a significant role in the Asian economy.
U.S. Secretary of State Antony Blinken expressed relief at Yoon’s decision to retract the martial law declaration, emphasizing that political disagreements should be resolved peacefully and according to the rule of law.
Approximately 28,500 U.S. troops are stationed in South Korea as a security measure against North Korea.
Yoon, a career prosecutor, narrowly won the most contested presidential election in South Korean history in 2022, amid widespread dissatisfaction with economic policies, scandals, and gender-related conflicts, aiming to reshape the political landscape of Asia’s fourth-largest economy.
However, his popularity has waned, with approval ratings lingering around 20% for several months.
His People Power Party faced a significant defeat in a parliamentary election held in April this year, losing control to opposition parties that captured nearly two-thirds of the seats.
Martial law has been declared more than a dozen times since South Korea was established as a republic in 1948.
In 1980, a military junta led by Chun Doo-hwan coerced then-President Choi Kyu-hah into declaring martial law, aiming to suppress the opposition, labor movements, and student demands for a return to democratic governance.
