Korea Wins US Export Ban Exemption, Shores Up Exporters to Russia

(Asia Financial, London & Hong Kong, 4 March 2022) South Korea said on Friday that it had won an exemption from expanded US export restrictions imposed on Russia over its invasion of Ukraine, Seoul’s trade ministry said on Friday. The exemption means Korean companies won’t have to secure licences from Washington for exports using US technology before they can be shipped to Russia. The US rule, part of Washington’s sanctions on Moscow, was feared to affect major South Korean exporters, as they make heavy use of US technology and software. The move followed meetings between Yeo Han-koo, South Korea’s trade minister, and senior US officials in Washington on Thursday. Seoul unveiled a list of measures to help companies with export records to Russia or Ukraine in the previous year. They include export credit guarantees and short-term export insurance.