Government Opens Consultation Desk for Export Companies in Preparation for Russia-Ukraine Situation

Ministry of Industry to Establish 'Russia Desk' if US Strengthens Export Controls on Russia

[Asia Economy Sejong=Reporter Kwon Haeyoung] The government is establishing a 'Russia Desk (tentative name),' a consultation window for export companies, in preparation for the worsening Russia-Ukraine situation.

The Ministry of Trade, Industry and Energy announced on the 17th that it has prepared a support system for export companies reflecting this plan in case of armed conflict between the two countries.

The share of Russia and Ukraine in South Korea's total exports is 1.5% and 0.1%, respectively. The ministry has determined that there have been no disruptions in the real economy such as exports, local investments, energy supply, or supply chains so far, but warned that if the Ukraine situation worsens, risks such as ▲export controls against Russia ▲expanded financial sanctions ▲deterioration of local business operations ▲energy supply issues ▲and supply chain disruptions could occur.

Accordingly, to minimize corporate damages, the government is establishing an emergency contact network with companies and preparing a specialized response support system.

First, if the United States strengthens export control measures, the government will open the Russia Desk, a dedicated export control consultation window. It will provide consultations to companies, including reviewing whether export items fall under control targets. The government plans to hold briefing sessions for companies and distribute lists of controlled export items and technical data to provide detailed guidance and support for responses.

Additionally, the Korea Trade-Investment Promotion Agency (KOTRA) will establish dedicated windows for companies exporting to and importing from Russia and Ukraine on 'TradeInvest24,' a one-stop support platform for small and medium enterprises, to receive and support export-import companies' difficulties in real time. Furthermore, an 'Emergency Contact Network for Local Companies in Russia and Ukraine' is being established, and the trade offices in Kyiv and Moscow are monitoring the status and difficulties of companies operating there.

From the supply chain perspective, the public-private joint 'Materials, Parts, and Equipment Supply Response Support Center' is receiving and supporting industry difficulties related to raw materials, materials, parts, and equipment supplied from Russia and Ukraine. The recently launched Global Supply Chain Analysis Center also plans to provide domestic and international price and supply trend information for items with high supply concerns if the situation worsens.

Joo Young-jun, Director of the Industrial Policy Office, emphasized, "We will do our best to minimize damage to the real economy based on close communication with the industry," adding, "The government is working behind the scenes to ensure that major exports to Russia and local operations of our companies in sectors such as home appliances, automobiles, and shipbuilding are not affected."

This content was produced with the assistance of AI translation services.