Government to Specify 'Export Controls on Russia' This Week... "Series of High-Level Contacts with US Officials"

Putin Defends Ukraine Invasion as an "Unavoidable Measure for Security"
(Moscow EPA=Yonhap News) On the 24th (local time), Vladimir Putin, President of Russia, held a meeting with major domestic business leaders at the Kremlin Palace on the day he launched the invasion of Ukraine. At this meeting, President Putin insisted that Russia's "military operation" against Ukraine was an unavoidable measure to ensure security. 2022.2.24
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[Asia Economy Sejong=Reporter Lee Jun-hyung] The government will intensify consultations with the United States this week regarding export controls on Russia.

Yeo Han-gu, Director General of Trade Negotiations at the Ministry of Trade, Industry and Energy, announced this on the 28th at the "Emergency Meeting of Specialized Trading Companies" held at the Korea International Trade Center in Seoul. At the meeting, Director Yeo stated, "Regarding the U.S. export controls on Russia announced last week, we plan to focus on consultations with the U.S. this week," adding, "We will have a series of direct contacts with senior U.S. government officials." Additionally, the Ministry of Trade, Industry and Energy will hold director-level consultations with the U.S. Department of Commerce’s Bureau of Industry and Security (BIS) within this week.

The meeting was convened urgently to assess the difficulties faced by import and export companies due to Russia's invasion of Ukraine. Specialized trading companies attending the meeting reported that although they have secured alternative raw materials, supply chain and logistics disruptions are inevitable if the situation worsens. A representative from POSCO International said, "Currently, it has been confirmed that there is no damage to Ukrainian grain terminals," but added, "However, both Ukraine and Russia have temporarily suspended new purchase and sales contracts."

Ye Han-gu, Director General, Urgently Inspects Support Status of Trade Investment 24
(Seoul=Yonhap News) On the 27th, Ye Han-gu, Director General of Trade Negotiations at the Ministry of Trade, Industry and Energy, urgently inspected the support status of 'Trade Investment 24,' a dedicated window for companies exporting and importing to and from Russia and Ukraine, at the Korea Trade-Investment Promotion Agency (KOTRA) in Seocho-gu, Seoul. 2022.2.27
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The Ministry of Trade, Industry and Energy stated its position to minimize damage to domestic companies through consultations with the U.S. government. Furthermore, it plans to strengthen support such as information sharing, resolving logistics and transaction disruptions, and legal consulting through dedicated corporate support desks recently established by KOTRA and the Korea International Trade Association. The ministry is also receiving reports of difficulties faced by import and export companies through the "Russia Desk" within the Strategic Materials Management Institute, which began full operation on the 24th.

Director Yeo said, "Since the situation in Ukraine is unpredictable, please maintain vigilance and keep the emergency response system active," adding, "We are currently in close consultation with the U.S. side regarding participation in export controls on Russia, which companies are concerned about, and after swiftly concluding this, we will focus on providing information and resolving difficulties for companies." He also stated, "The Ministry of Trade, Industry and Energy has fully activated the 'Trade Security Task Force' to establish a daily monitoring system," and added, "We will mobilize all available policy measures to ensure that not a single difficulty is overlooked."

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