US Includes Korea in FDPR Exemption Countries... Begins Additional Export Controls (Update)

Government Holds High-Level Talks in the US... Agreement Includes FDPR Exemption Countries

Biden Chairs Cabinet Meeting on 'Ukraine Crisis'
(Washington AP=Yonhap News) U.S. President Joe Biden is chairing a cabinet meeting in the White House Cabinet Room on the 3rd (local time). In his opening remarks at the cabinet meeting convened to discuss the Ukraine crisis, President Biden assessed that the economic sanctions imposed on Russian President Vladimir Putin and his associates have delivered a significant shock. March 4, 2022
leekm@yna.co.kr
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[Asia Economy Sejong=Reporter Lee Jun-hyung] The United States has decided to include South Korea in the list of countries exempted from the Foreign Direct Product Rule (FDPR). Following this decision, the South Korean government will initiate additional export controls against Russia.

The Ministry of Trade, Industry and Energy announced that on the 3rd (local time), Ye Han-gu, the head of the Trade Negotiations Office, met with Don Graves, Deputy Secretary of Commerce of the U.S., and Darling Singh, Deputy Assistant to the President for National Security Council (NSC) and National Economic Council (NEC), in Washington DC, and reached this agreement.

During the meeting, the U.S. agreed to include South Korea as an FDPR exemption country related to export controls on Russia. This decision was based on the assessment that South Korea’s implementation of export controls against Russia aligns with the sanction levels of the international community. The FDPR prohibits exports of products made in third countries using U.S. technology or software (SW), even if the products themselves are not of U.S. origin. Former U.S. President Donald Trump previously used this rule to pressure China’s Huawei.

The U.S. will publish a notice including South Korea in the FDPR exemption list within a few days. South Korea plans to raise its export control measures against Russia to a level similar to that of the U.S. and the international community.

The government plans to promptly inform companies about the strengthened export control measures through briefings with relevant ministries. Head Ye said, “Through this bilateral meeting, we have actively participated in sanctions against Russia as a responsible member of the international community, while also alleviating uncertainties faced by our companies due to the strengthened export control measures.”

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