ANNOUNCEMENT 28 Feb 2022

On 28 February 2022, the Republic of Korea imposed sanctions on Russia in response to the Ukrainian crisis.

NUMBER OF INTERVENTIONS

2

  • 2 harmful
  • 0 neutral
  • 0 liberalising

SOURCE

The South Korean Ministry of Economy and Finance (기획재정부). "The 8th emergency response TF meeting on Ukraine will be held." ("제8차 우크라이나 사태 비상대응 TF 회의 개최") of 28 February 2022. Available at:
https://www.moef.go.kr/com/synap/synapView.do?atchFileId=ATCH_000000000019883&fileSn=2

The South Korean Ministry of Trade, Industry, and Energy (산업통사자원부). Major Policies by Sector. Trade and Investment. Strategic Material Management System ("전략물자관리제도"). Available at:
http://www.motie.go.kr/motie/py/brf/motiebriefing/motiebriefing17.do?brf_code_v=17#17

The South Korean Ministry of Foreign Affairs (외교부). Press release. "The Korean government's decision regarding the Ukraine crisis" ("우크라이나 사태 관련 우리 정부의 결정") of 28 February 2022. Available at:
https://www.mofa.go.kr/www/brd/m_4080/view.do?seq=372127&page=1

Korean Strategic Goods Military List ("군용물자목록"). Available at:
https://www.yestrade.go.kr/common/common.do?jPath=/it/itde023G#01

Korean Strategic Goods Dual-Use Items ("28차 고시개정 별표2 신구대비표(국문)"). Available at:
https://www.yestrade.go.kr/common/common.do?jPath=/it/itde023G#01

The South Korean Ministry of Economy and Finance (기획재정부). "Determination of detailed follow-up measures to participate in financial sanctions against Russia by the international community" ("국제사회의 對러 금융제재 동참을 위한 세부 후속조치 결정") of 1 March 2022. Available at:
https://www.moef.go.kr/nw/nes/detailNesDtaView.do?searchBbsId1=MOSFBBS_000000000028&searchNttId1=MOSF_000000000058671&menuNo=4010100

Inception date: 01 Mar 2022 | Removal date: open ended

Controls on commercial transactions and investment instruments

On 1 March 2022, the South Korean Ministry of Economy and Finance (MOEF) announced financial sanctions against seven Russian financial institutions, namely Sberbank, Corporation Bank for Development and Foreign Economic Affairs Vnesheconombank (VEB), Promsvyazbank Public Joint Stock Company (PSB), VTB Bank, Otkritie FC Bank, Sovcombank, Novikombank, and their subsidiaries, as a result of Russia's invasion of Ukraine. According to the MOEF, the goal is to ban financial transactions "[to] support international efforts to curb armed invasion and resolve the situation [in Ukraine] peacefully."

More specifically, the government urged Korean banks to swiftly conclude any "unnecessary financial transactions" such as "transactions under existing contracts by import and export companies" with Russian banks under sanctions and work to guide customers in response to the new legislation.

In addition, the South Korean Ministry of Economy and Finance imposed sanctions on 'strategic goods,' meaning any goods, software, or technology that are used in the making of weapons, weapons of mass destruction, or missiles (see related intervention). The Korean Government also stated that export controls on 'non-strategic goods' on Russia would be discussed and implemented later in the week.

The MOEF also stated that they would immediately suspend the trading of Russian treasury bonds and support the eventual exclusion of Russian banks involved in SWIFT transactions as soon as they were determined by the European Union. To view other economic sanctions on Russia as a result of the conflict in Ukraine, please, see related state acts.

AFFECTED SECTORS

 
N/A

AFFECTED PRODUCTS

 
N/A
Inception date: 28 Feb 2022 | Removal date: open ended

Export ban

On 28 February 2022, the South Korean Ministry of Economy and Finance (MOEF) implemented export bans on 'strategic goods' to Russia. Strategic goods are any goods, software, or technology that can be used in the creation of weapons, weapons of mass destruction, or missiles. More specifically, strategic goods are divided into categories of "dual-use" and "military use."

In this context, according to the Korean MOEF, the objective of the export controls was "[to] support international efforts to curb armed invasion and resolve the situation [in Ukraine] peacefully". In addition to the export controls, the Korean Government also imposed financial sanctions on Russia (see related intervention).

The Korean Government also stated that export controls on non-strategic goods in Russia would be discussed and implemented later in the week.

To view other export bans on Russia, and Ukraine, please, see related state acts.

 
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