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Trade Trends News
02-01-2024
South Korea will tighten export controls on Russia and Belarus by significantly expanding the list of items subject to export restrictions, including excavators, batteries and large vehicles, in response to Moscow's incursion into Ukraine, officials said Tuesday.
South Korea has added 682 items involving heavy construction equipment, rechargeable batteries, aircraft parts, machinery and other items to the list of items prohibited from being shipped to Russia and Belarus, based on revisions to trade regulations on strategic items, according to the Korea Customs Service. Ministry of Trade, Industry and Energy.
The new provision increases the total number of items on the list to 1,159 from the current 798 items.
The revisions are expected to take effect in early 2024, after the proper administrative procedures have been carried out and the government has issued guidance for exporters.
The ministry said that "special cases" of shipments to both countries will be reviewed on a case-by-case basis.
This is due to the high likelihood that these items will be used for military purposes, even though they are not classified as strategic items under Korea's export control scheme.
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