Deputy Minister Ki-jae, US-Russia Finance Ministers Meeting on 'Ukraine Crisis'... "Economic Uncertainty Expands, Close Cooperation Needed"

Deputy Minister Lee Ok-won of the Ministry of Economy and Finance (far left) is speaking at the "Video Conference with Local Economic and Financial Officers on the Ukraine Situation" held at the Government Seoul Office Building on March 8, 2022. Photo by Yonhap News.

[Asia Economy Sejong=Reporter Son Seon-hee] Lee Eok-won, the 1st Vice Minister of the Ministry of Economy and Finance, said on the 8th regarding the Russia-Ukraine situation, "The rapid changes in the external environment are threatening supply chain stability and intensifying concerns about rising prices, expanding uncertainties in both domestic and international economies," adding, "Close cooperation and coordination with local economic and financial officers (재경관) and diplomatic missions are crucial for timely response."

Vice Minister Lee made these remarks during a 'Video Conference with Economic and Financial Officers on the Ukraine Situation' held at the Government Complex Seoul in the afternoon, according to the Ministry of Economy and Finance. The meeting was convened to actively utilize policy response measures by listening to and sharing vivid information from economic and financial officers stationed in six key countries regarding the recent urgent developments in the Ukraine situation, including major countries' sanctions against Russia, economic impacts, and Russia's local conditions. Economic and financial officers from the United States, Russia, the United Kingdom, Belgium (EU), Germany, and the United Arab Emirates (UAE) participated.

The attending economic and financial officers explained the sanctions and major countermeasures against Russia in their respective host countries and reported on the impacts on the international financial markets and global supply chain changes affecting the economies of major countries worldwide. They also conveyed difficulties faced by Korean companies identified locally, such as logistics issues in Russia due to export controls and financial sanctions against Russia, and restrictions on overseas remittances, proposing policy responses.

Vice Minister Lee urged, "Please continuously share the situation to grasp real-time information on major countries' response trends and local conditions, especially to resolve difficulties faced by our companies operating locally, and guide them so that our government's support measures can be effectively utilized." He also requested, "Economic and financial officers should strive to serve as a bridge between our government and local companies."

The Ministry of Economy and Finance stated, "We plan to actively utilize the local information and policy suggestions identified through this economic and financial officers' meeting in preparing response measures for the Ukraine situation," adding, "We will continue to strengthen cooperation with economic and financial officers and local diplomatic missions to accurately understand the situation and respond swiftly to the Ukraine situation."

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