Foreign Ministry: "Blocking Strategic Goods Exports to Russia... Joining SWIFT Exclusion"

"Decision on the 28th to Notify the US via Diplomatic Channel"

[Image source=Yonhap News]

[Asia Economy Reporter Lee Ji-eun] The Ministry of Foreign Affairs announced on the 28th that it has decided to block the export of strategic goods to Russia in relation to the Ukraine situation and has notified the United States of this decision. It will also participate in the exclusion from SWIFT (Society for Worldwide Interbank Financial Telecommunication).

The Ministry of Foreign Affairs stated, "Our government will strengthen export control licensing reviews to block the export of strategic goods to Russia" and added, "The decisions made today regarding export controls have been communicated to the U.S. through diplomatic channels."

Regarding non-strategic goods, the government plans to review actionable measures among related ministries and finalize them promptly. Non-strategic goods refer to 57 low-spec items independently controlled by the U.S., including items related to semiconductors, electronics, computers, information and communication, sensors and lasers, navigation and avionics, marine, and aerospace.

Additionally, the Ministry of Foreign Affairs stated, "Our government will participate in the exclusion from SWIFT, and specific measures will be decided through consultations among related ministries."

Furthermore, the Ministry of Foreign Affairs will promote the additional release of strategic reserves to stabilize the international energy market and will also further review other measures such as the resale of natural gas (LNG) in Europe. Humanitarian aid to support Ukraine will also be increased in cooperation with the international community.

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