Mobiles, shopper items not below US export sanctions on Russia: South Korea

cell phoneautomobile and different shopper items South Korea’s commerce ministry mentioned that exports to Russia should not topic to United States-wide sanctions.

Final week, the US authorities imposed a overseas direct product rule (FDPR) for “all Russia” as a part of its export controls to dam Russia’s entry to world high-tech merchandise and different key items resembling semiconductors on the Russian invasion. declare. of Ukraine.

The measure calls on firms to acquire licenses from the US for technology-related objects utilizing US know-how earlier than being shipped to Russia, which is anticipated to influence main South Korean exporters as they use US know-how and software program. use.

Throughout a work-level assembly between Seoul and Washington, the US Commerce Division confirmed that smartphones, automobiles, washers and different shopper items are exceptions to FDP guidelines, until they’re shipped to military-related customers, South Korea. The Ministry of Commerce, Trade and Vitality mentioned, Yonhap Information Company reviews.

In response to the ministry, South Korean corporations can also get approval for deliberate shipments to their factories in Russia by US case-by-case examinations.

South Korea is looking for an exemption from the FDP guidelines, because it was not included in the US’ listing of 32 exceptions.

In the meantime, the federal government mentioned it could take measures to assist tackle the difficulties confronted by exporters and South Koreans residing in Russia after Seoul closed monetary transactions with seven of Russia’s main banks and allies to Moscow. In keeping with worldwide sanctions towards

The measure to exclude Russia from the SWIFT world fee community will come into impact from March 12.

Native banks’ publicity to Russia, together with doubtlessly dangerous loans and investments, is 0.4 % of their complete exterior publicity, so sanctions could have restricted influence on the nation’s monetary sector.

However after the federal government has acquired greater than 400 complaints and queries from firms about latest export controls and funds, the ministry has vowed to offer proactive assist and strengthen monitoring over rising uncertainties and potential ripple results.


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