Trade Minister Yeo Han-koo presided the Public-Private Russia and Belarus Exports Restrictions Conference at the Korean Security Agency of Trade and Industry (KOSTI) on April 27 for an interim review following the 57 non-strategic items sanctions enforced a month ago.

In his opening remarks, Minister Yeo stated that “the Government included the 57 non-strategic items on the catch-all list and negotiated with the U.S. for Foreign Direct Product Rule (FDPR) exemption in order to minimize risks for domestic businesses.” He added that “despite apparent challenges from imposing sanctions against Russia, we call for patient cooperation from Korean companies in recognition of Korea’s responsibility as member of the international community,” and assured that “the Ministry will make all efforts to minimize industry confusion and inconvenience in introducing this new system.”

The conference was attended by various representatives of relevant institutions, including KOSTI President Lee Eun-ho, Korea Trade-Investment Promotion Agency (KOTRA) Economic Trade Cooperation Headquarters Chief Kim Tae-ho, and Korea Offshore & Shipbuilding Association Vice President Lee Byeong-cheol.