Menu Content
Go Top

Economy

Trade Ministry Checks Corporate Woes amid Export Controls on Russia

Written: 2022-04-28 15:39:53Updated: 2022-04-28 16:44:14

Trade Ministry Checks Corporate Woes amid Export Controls on Russia

Photo : YONHAP News

The government has examined corporate grievances one month after implementing export controls against Russia and Belarus over Moscow's invasion of Ukraine.

In a meeting held on Wednesday related to the export curbs, the trade ministry discussed the impact of such measures with industry officials and sought ways to improve the situation.

The controls were imposed on March 26 on 57 nonstrategic items, requiring such products to receive approval before being shipped to Russia or Belarus.

According to the ministry, in the past month of implementation, there were only a few approval requests, indicating that South Korean firms were refraining from shipping exports to the two countries as much as possible.

Participants of the meeting, many representing key industries such as electronics, shipbuilding and automobiles, cited export delays and called for more expedient procedures in permit deliberations.

Trade minister Yeo Han-koo promised efforts to minimize inconvenience and confusion and asked businesses to abide by the sanctions in which South Korea is actively taking part as a responsible member of the international community.

Editor's Pick

Close

This website uses cookies and other technology to enhance quality of service. Continuous usage of the website will be considered as giving consent to the application of such technology and the policy of KBS. For further details >