Ministry of Land, Infrastructure and Transport Discusses Domestic Companies' Response Plans to Russia Sanctions Following 'Ukraine Invasion'

Sharing Risks Such as Export Ban on Strategic Items to North Korea and SWIFT Expulsion... Discussion on Corporate Response Directions

An illustration showing the logo of the Society for Worldwide Interbank Financial Telecommunication (SWIFT) overlapped with the Russian flag behind broken glass. (Image source=Reuters Yonhap News)

[Asia Economy Reporter Moon Chaeseok] On the 2nd, the Ministry of Land, Infrastructure and Transport held the 2nd meeting of the 'Public-Private Joint Emergency Task Force,' which was formed immediately after Russia's invasion of Ukraine, to discuss response measures for companies operating locally.

At the meeting, representatives from domestic companies operating in Russia and Ukraine, officials from the Overseas Construction Association, and experts on sanctions attended to share opinions on the local situation. In particular, they shared the situation where the international community, centered on the United States and European countries, is strengthening sanctions against Russia through export bans on strategic goods and expulsion from the Society for Worldwide Interbank Financial Telecommunication (SWIFT) payment network, and discussed the response direction for domestic companies. The attendees agreed to promptly identify and share rapidly changing situations such as additional international sanctions and to establish response plans according to anticipated scenarios for systematic responses.

Furthermore, if additional sanctions against Russia are concretized, they will compile difficulties faced by each company and discuss them with relevant ministries to prepare countermeasures. A Ministry of Land, Infrastructure and Transport official stated, "To ensure the safety of our workers and protect companies, we will strengthen cooperation with related ministries and continuously respond closely to the situation, including supporting legal responses for companies affected by sanctions."

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