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Thursday, April 25, 2024

South Korea to Strengthen Export Restrictions on Russia and Belarus

South Korea intends to strengthen export controls on Russia and Belarus concerning items that may have military applications, as declared by the trade ministry on Monday.

This move follows South Korea’s recent inclusion of 682 items, possessing actual or potential military utility, in the list of prohibited exports to Russia and Belarus.

In an official statement, the Ministry of Trade, Industry, and Energy conveyed its commitment to enhance the enforcement of export controls through collaboration with relevant organizations. This measure aims to counter attempts to circumvent controls and engage in covert shipments.

Also Read: Armenia Suspends Participation in Russian-Led Security Treaty Group

Emphasizing vigilance, the ministry specified a particular focus on overseeing exports of “common high-priority items,” such as chips applicable to drones, in coordination with partner nations.

To prevent inadvertent exports resulting from a lack of awareness, South Korea plans to actively communicate the updated list of controlled products to exporters.

The implementation of the new rule has expanded the total number of items on the controlled list to 1,159.

Additionally, the government disclosed an ongoing investigation into Daesung International Trading, a South Korea-based company sanctioned by the United States for its alleged ties to Russia. The company, situated in Gimhae, was among the 93 entities added to the “entity list” for export restrictions by the U.S. Commerce Department’s Bureau of Industry and Security on the preceding Friday.

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