The U.S. has decided to exempt South Korea from its expanded sanctions on Russia, somewhat easing concerns by South Korean businesses over an adverse impact of international sanctions over the country's invasion of Ukraine.
The Ministry of Trade, Industry and Energy announced on Friday that the U.S. reached the decision after assessing that Seoul’s export restrictions against Russia are “well-aligned” with the sanctions of the international community.
The ministry said it has confirmed that the U.S. will follow-up with appropriate measures regarding the exemption, including filing an official government notice in a newsletter.
Last week, the U.S. announced an expansion of its Foreign Direct Product Rule(FDPR) on exports to Russia over its invasion of Ukraine, requiring non-American firms manufacturing products that use U.S. technology to seek U.S. approval before shipping them to the country.
In making the announcement, the U.S. originally exempted 27 European Union member states, Britain, Australia, New Zealand, Canada and Japan, all of which have imposed unilateral sanctions on Russia. South Korea initially did not make the list.