Export Controls on '57 Non-Strategic Items' to Russia and Belarus Starting from the 26th

[Image source=Yonhap News]

[Asia Economy Sejong=Reporter Kim Hyewon] Export control measures on Russia and Belarus will take effect from the 26th. Companies intending to export 57 non-strategic goods items and technologies to Russia and Belarus must undergo a separate approval process.

The government announced this on the 25th during the 22nd Emergency Response Task Force (TF) for the Ukraine situation and the 9th Economic Security Core Items TF meeting, chaired by Lee Okwon, First Vice Minister of the Ministry of Strategy and Finance.

To ensure smooth guidance on the amendments to the "Strategic Goods Export and Import Notice" effective from the 26th, the government expanded the Russia Desk to operate six dedicated consultation lines and produced and distributed guidelines on major inquiries.

Through the 2 trillion won emergency financial support program launched on the 4th to assist affected companies, 58 new loans (1,178 cases) and 104 loan extensions (308.6 billion won) were made by the 22nd.

Vice Minister Lee explained, "Applications and support are gradually increasing, especially among companies exporting and importing in conflict areas, due to the prolonged Ukraine situation."

Additionally, regarding difficulties in remittances to Russia, since the 21st, five diplomatic missions in Russia have been expanding the rapid overseas remittance system (limit of 8,000 USD).

The missions supporting rapid overseas remittance are the Embassy of the Republic of Korea in Russia, the Consulate General in Saint Petersburg, the Consulate General in Vladivostok, the Consulate General in Irkutsk, and the Yuzhno-Sakhalinsk branch office.

Vice Minister Lee assessed, "Although international energy prices such as oil remain high, scheduled energy imports are proceeding without disruption. The supply of key raw materials such as core materials is currently stable, but continuous monitoring is necessary."

He added, "Requests for the application of tariff quotas on items such as ferrotitanium, aluminum strips, and automobile-related items (lead, copper, casting alloys) will also be reviewed and decided as quickly as possible."

Regarding the recent spread of COVID-19 in China, he diagnosed, "Concerns about factory operation disruptions for local enterprises in certain industries due to last week's lockdown measures have somewhat eased this week."

Vice Minister Lee stated, "Although there are difficulties related to logistics, commuting, and parts supply in other industries, the impact on the domestic supply chain has been limited so far. However, we will prepare proactive measures in anticipation of further spread and expanded lockdown measures."