South Korea places restrictions on export of 57 non-strategic items to Russia & Belarus

South Korea's Ministry of Tre, Industry, and Energy h, on March 24, anunced that it would implement export control on 57 n-essential items to Russia and Belarus in retaliation to Kremlin's military offensive in Ukraine. export restrictions came into effect on March 26 and 57 n-essential items will w have to pass a separate approval procedure.  

"As a responsible member of international community, (South) Korea has decided to apply sanctions against two countries (Belarus and Russia) at a level similar to those introduced by US and EU, for which Ministry has revised “Public tice on Tre of Strategic Items” to include 57 n-strategic items on list of catch-all control list," Ministry informed via a press release 

" export control takes effect in step with US’ FDPR (Foreign Direct Product Rule) grace period for Russia and Belarus, removing any gaps in Korea-U.S. enforcement schedules," it ded.

 n-strategic goods include low-performance semiconductors and computer equipment, Business Korea reported. 

South Korea's Ministry of Tre, Industry, and Energy, in its statement, said that approval criteria will "take into consideration comprehensive standards under Article 22 on “Public tice on Tre of Strategic Items”, as well as international community’s heightened approval standards."

"Our companies are bound to face more and more challenges from various external and internal sanctions, so briefing and guidelines aim to help promote ir understanding and reduce manment risks,” South Korea International Tre and Investment Deputy Minister Moon Dong-min said, as per statement.

“ Ministry will do its best to ericate all uncertainties from our companies’ tre environment,” he ded.

South Korea anunces sanctions against Russia 

On March 7, South Korea anunced that y have decided to impose financial sanctions against Russia over its military offensive in Ukraine, as per a statement released by South Korean Finance Ministry.

According to Ministry, Seoul will suspend financial transactions with Central Bank of Russian Federation, Russia’s Sovereign Wealth Funds and Bank Rossiya. However, South Korean government has permitted transactions for energy-related payments. 

Earlier this month, South Korean government anunced that it will provide n-lethal military equipment to Ukraine as y continue to fight against Russian invasion, ANI reported. Boo Seung-chan, spokesperson for Ministry of National Defence said during regular briefing that government has agreed to deliver n-lethal military supplies to Ukraine.

He ded that y were discussing transportation and or issues. South Korean government will be dispatching 20 items to Ukraine, which include 12 military supplies like combat helmets, blankets, emergency foods, as per ANI report. In dition, Ukraine will also receive medical supplies from South Korea. 

(With inputs from ANI, Im: AP)