Presidential Office: "Limited Impact from Chinese Sanctions on Hanwha Ocean... Korea-China Trade Channels Activated"

Yonhap News Agency

As the Chinese government announced sanctions against five U.S. subsidiaries of Hanwha Ocean, the Presidential Office stated on October 14, "There are not many transactions between the companies in question and Chinese firms, so the immediate impact appears to be limited."

The Presidential Office issued a statement to the press corps that day, saying, "The government is operating Korea-China trade channels to communicate and respond in order to minimize damage," and added, "Whether this will affect the MASGA project and other matters will need to be assessed comprehensively at a later stage."

Regarding the possibility of additional sanctions, the Presidential Office said, "It is difficult to predict at this time, but we will continue to closely monitor the situation."

On the same day, the Chinese Ministry of Commerce announced its "decision to adopt countermeasures against five U.S. subsidiaries of Hanwha Ocean Co., Ltd." This move is interpreted as a response to the United States' Section 301 investigation under the Trade Act, which targeted China's maritime, logistics, and shipbuilding industries.

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