Government Fully Joins Sanctions Against Russia... Export Ban on Strategic Goods (Update)

Ukrainians Condemning Putin
(Seoul=Yonhap News) Reporter Shin Junhee = On the 27th, Ukrainians residing in Korea held an anti-war protest near the Russian Embassy in Jung-gu, condemning Russia's invasion of Ukraine. 2022.2.27
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[Asia Economy Sejong=Reporter Lee Junhyung] The government is set to actively join the U.S.-led export controls against Russia.

The Ministry of Trade, Industry and Energy announced on the 24th that it has decided to implement export control measures similar to the international community's sanctions against Russia.

According to this decision, the government will strengthen export control permit reviews for strategic items and block exports to Russia. Strategic items refer to goods that can be used in the development and manufacture of weapons such as conventional arms and missiles.

Measures for non-strategic items are currently under review. To minimize damage to domestic companies caused by export controls, the government plans to share export control measures related to non-strategic items with the U.S. once finalized.

Consultations with the U.S. will also be intensified to coordinate sanctions policies against Russia with the international community. Yeo Hang-gu, Director General for Trade Negotiations at the Ministry of Trade, Industry and Energy, plans to engage in a series of high-level contacts with U.S. government officials to focus on consultations. The Ministry’s Trade Security Policy Officer will hold talks with the U.S. Department of Commerce’s Bureau of Industry and Security (BIS) within this week.

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