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

South Korea's Ministry of Trade, Industry, and Energy had, on March 24, announced that it would implement export control on 57 non-essential items to Russia and Belarus in retaliation to the Kremlin's military offensive in Ukraine. The export restrictions came into effect on March 26 and the 57 non-essential items will now have to pass a separate approval procedure. "As a responsible member of the international community, (South) Korea has decided to apply sanctions against the two countries (Belarus and Russia) at a level similar to those introduced by the US and EU, for which the Ministry has revised the “Public Notice on Trade of Strategic Items” to include 57 non-strategic items on the list of catch-all control list," the Ministry informed via a press release "The export control takes effect in step with the US’ FDPR (Foreign Direct Product Rule) grace period for Russia and Belarus, removing any gaps in Korea-U.S. enforcement schedules," it added. The non-strategic goods include low-performance semiconductors and computer equipment, Business Korea reported. South Korea's Ministry of Trade, Industry, and Energy, in its statement, said that the approval criteria will "take into consideration the comprehensive standards under Article 22 on the “Public Notice on Trade of Strategic Items”, as well as the international community’s heightened approval standards." "Our companies are bound to face more and more challenges from various external and internal sanctions, so the briefing and guidelines aim to help promote their understanding and reduce management risks,” South Korea International Trade and Investment Deputy Minister Moon Dong-min said, as per the statement. “The Ministry will do its best to eradicate all uncertainties from our companies’ trade environment,” he added. South Korea announces sanctions against Russia On March 7, South Korea announced that they have decided to impose financial sanctions against Russia over its military offensive in Ukraine, as per a statement released by the South Korean Finance Ministry. According to the Ministry, Seoul will suspend financial transactions with the Central Bank of the Russian Federation, Russia’s Sovereign Wealth Funds and Bank Rossiya. However, the South Korean government has permitted transactions for energy-related payments. Earlier this month, the South Korean government announced that it will provide non-lethal military equipment to Ukraine as they continue to fight against the Russian invasion, ANI reported. Boo Seung-chan, the spokesperson for the Ministry of National Defence said during the regular briefing that the government has agreed to deliver non-lethal military supplies to Ukraine. He added that they were discussing transportation and other issues. The South Korean government will be dispatching 20 items to Ukraine, which include 12 military supplies like combat helmets, blankets, emergency foods, as per the ANI report. In addition, Ukraine will also receive medical supplies from South Korea. (With inputs from ANI, Image: AP)

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

South Korea had announced that it would implement export control on 57 non-essential items to Russia and Belarus. The restrictions came into force on March 26.

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