Government Reviews 'Russian Export Control Items'... "In Coordination with the US"

Discussion on Export Control Items Including Strategic Materials... Coordination with the US Since Last Month
Monitoring International Sanctions Levels... "Analyzing Response Plans by Scenario"
Strengthening Monitoring of Ukraine Situation... Establishment of 'Russia Desk'

President Moon Jae-in Attending the National Security Council Meeting
(Seoul=Yonhap News) President Moon Jae-in is seen conversing with National Security Office Director Suh Hoon while reviewing documents at the National Security Council and External Economic Security Strategy Meeting held at the Blue House National Crisis Management Center on the 22nd. 2022.2.22 [Provided by the Blue House. Redistribution and DB reproduction prohibited]
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[Asia Economy Sejong=Reporter Lee Jun-hyung] As the United States, the United Kingdom, Germany, and other major European countries simultaneously impose sanctions on Russia, it has been confirmed that our government is also reviewing export control items targeting Russia. This reflects a focus on joining the U.S.-led sanctions against Russia amid escalating tensions surrounding Ukraine.

According to related ministries on the 23rd, the Ministry of Trade, Industry and Energy is reviewing export control items for Russia. So far, strategic items under the Foreign Trade Act have been discussed as export regulation targets. Strategic items refer to goods that can be used in the development and manufacture of conventional weapons, missiles, and other armaments.

The scope of export control items is likely to go beyond strategic items. This is because the U.S. is expanding export regulations beyond simple strategic items to include advanced technologies such as semiconductors. The government plans to finalize the export control items after coordination with the U.S. It is reported that the government has been discussing sanctions measures against Russia in consultation with the U.S. since last month.

The government is also closely monitoring the level of international sanctions. Since damage to domestic companies due to export regulations by various countries is inevitable, the government believes that the scope of South Korea’s export control items should be minimized. A government official stated, "We are currently in the stage of gathering information and monitoring trends," adding, "If the U.S. initiates export regulations, we are also analyzing scenario-based response plans regarding the potential impact on various domestic industries."

Alongside this, the government is strengthening monitoring of supply chain impacts and energy supply status related to the Ukraine situation. The Ministry of Trade, Industry and Energy held the 20th Industrial Resource Security Task Force (TF) meeting today under the leadership of First Vice Minister Park Jin-gyu, which is in line with this effort. Through the TF and other channels, the ministry assessed that the impact on the domestic real economy is still limited. However, it anticipates that if the situation prolongs, there will be ripple effects such as a sharp rise in energy prices, which could affect the domestic economy.

Accordingly, the Ministry of Trade, Industry and Energy has established a ‘Russia Desk’ within the Strategic Materials Management Institute. If the U.S. announces and implements sanctions against Russia, the desk will identify export control targets and procedures and share this information with the industry. In case of energy supply disruptions, the ministry will immediately secure alternative supplies and promote measures such as releasing stockpiled oil and securing priority purchase rights for international joint reserves.

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