Government Releases Detailed List of Russian Export Controls... "Minimal Impact Expected Domestically"

Ministry of Industry: "The Ban on Re-exporting Imported Equipment Aims to Limit Domestic Impact"

Putin Presides Over Cabinet Meeting on Response to Western Ultra-Strong Sanctions
(Moscow EPA=Yonhap News) Russian President Vladimir Putin is presiding over a cabinet meeting via video conference at the Kremlin in Moscow on the 10th (local time). During the meeting, President Putin discussed measures to respond to the Western ultra-strong sanctions following the invasion of Ukraine. 2022.3.11
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[Asia Economy Sejong=Reporter Lee Jun-hyung] The government has disclosed the detailed list of export control items from Russia. The government expects the impact of Russia's export controls on domestic companies to be limited.

On the 16th, the Ministry of Trade, Industry and Energy announced that it had distributed a Korean translation of the detailed list of items subject to Russia's 'export prohibition and restriction measures.' Earlier, on the 9th, Russia announced measures to control exports of Russian products and raw materials to unfriendly countries including South Korea, the United States, and the European Union (EU). The export control period is from the 10th of this month until December 31 of this year.

The total number of export control items is 500. The export prohibition items include 219 items such as semiconductor devices and electronic integrated circuits (ICs) controlled by the Russian Customs Service. Exports of these items from Russia to countries subject to export controls, such as unfriendly countries, are prohibited.

The export restriction measures apply to 281 items managed by five ministries including the Russian Ministry of Industry and Trade and the Ministry of Natural Resources and Environment. In addition to the 219 export prohibition items, 56 items such as physical and chemical analysis instruments, optical microscopes, and cameras are included. Export restriction items are limited for export from Russia to the Eurasian Economic Union (EAEU), Abkhazia, and South Ossetia.

However, goods originating from Russian territory are excluded from these export control measures. Items merely transiting through Russia or exports supporting Russian military activities overseas are also exceptions.

The Ministry of Trade, Industry and Energy expects the impact of Russia's export control measures on domestic companies' trade and investment to be minimal. In particular, since the export control measures only restrict exports to EAEU member countries, Abkhazia, and South Ossetia, the impact on domestic companies operating locally in Russia is expected to be limited. A ministry official explained, "The purpose of the export prohibition measures is to ban the re-export of products and equipment previously imported from Russia," adding, "In the short term, the impact on companies both in Russia and domestically is expected to be small."

Meanwhile, the Ministry of Trade, Industry and Energy is operating an emergency response team at the Korea International Trade Association to monitor corporate difficulties in real time due to Russia's export controls.

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