As the 'Ukeura Situation' Escalates... Government Announces Emergency Financial Support Worth 2 Trillion Won

[Image source=Yonhap News]

[Asia Economy Sejong=Reporter Lee Junhyung] The government is launching an emergency financial support program worth 2 trillion won for domestic companies affected by the Ukraine crisis.

On the 4th, the Ministry of Trade, Industry and Energy announced that it will hold an urgent briefing session with related agencies to minimize the damage to domestic companies caused by export controls and financial sanctions against Russia. The briefing will be attended by the Ministry of Trade, Industry and Energy, the Financial Services Commission, the Strategic Materials Management Institute, KOTRA, and the Korea Trade Insurance Corporation.

At the briefing, the Ministry plans to share government support measures and discussions with related agencies regarding key corporate concerns such as financial and export sanctions, import-export logistics, and on-site difficulties.

The financial authorities will prepare an emergency financial support program worth 2 trillion won for affected companies. The financial authorities plan to specify the support targets and requirements soon and implement the program immediately upon occurrence of damage to domestic companies. They will also support liquidity expansion and diversification of export trading partners for import-export companies and local companies in Russia and Ukraine.

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