The restrictions will come into force at the beginning of 2024 after the relevant administrative procedures.
The Republic of Korea will strengthen export controls regarding Russia and Belarus. The country plans to significantly expand the list of goods subject to export restrictions, The Korea Times writes, citing the Ministry of Trade, Industry and Energy.
In line with changes to strategic trade rules, Korea has added 682 more items related to heavy construction equipment, batteries, aircraft components, machinery and others to the list of goods prohibited from being shipped to Russia and Belarus.
The Korean government noted that it made this decision due to the high likelihood that the items in question will be used for military purposes, although they are not classified as strategic items under Korea’s export control scheme.
The new resolution will increase the total number of items on the list to 1,159 items. It is expected to come into force at the beginning of 2024 after the relevant administrative procedures, as well as the development of documents for exporters.
The ministry said it would consider “exceptional cases” for supplies to these countries.
Restrictions for the Russian Federation
On December 22, the White House published a decree from US President Joe Biden providing for the possibility of applying restrictions to banks that service payments related to the Russian military-industrial complex, the US presidential administration said.
The Russian government stated that approximately a third of the Russian federal budget revenues are covered by oil and gas revenues. The level of dependence of the Russian budget on these revenues has not changed.
