Ministry of Trade, Industry and Energy

The Ministry of Trade, Industry, and Energy announced that export control on 57 non-strategic items against Russia and Belarus will take effect starting March 26. As a responsible member of the international community, Korea has decided to apply sanctions against the two countries at a level similar to those introduced by the U.S. and EU, for which the Ministry has revised the “Public Notice on Trade of Strategic Items” to include 57 non-strategic items on the list of catch-all control list.

The export control takes effect in step with the U.S.’ FDPR (Foreign Direct Product Rule) grace period for Russia and Belarus, removing any gaps in Korea-U.S. enforcement schedules.

Starting March 26, non-strategic items now added to the list for shipment to Russia or Belarus must undergo a separate approval process. The approval criteria take into consideration the comprehensive standards under Article 22 on the “Public Notice on Trade of Strategic Items”, as well as the international community’s heightened approval standards.

The Ministry held a briefing session for domestic companies on March 24 in order to minimize confusion arising from the above and related changes. The 90-minute session consisted of an introduction of the new “Public Notice on Trade of Strategic Items” including the added 57 items, export approval application process, followed by a Q&A session receiving questions from in-person and online attendees.

International Trade and Investment Deputy Minister Moon Dong-min stated that “our companies are bound to face more and more challenges from various external and internal sanctions, so the briefing and guidelines aim to help promote their understanding and reduce management risks.” He also added that “the Ministry will do its best to eradicate all uncertainties from our companies’ trade environment.”