South Korea to ban export of car parts to Russia

From April 28, Seoul will expand EXPORT sanctions against RUSSIA by another 741 goods, including car parts worth more than $50,000, semiconductors, construction equipment and precious stones.Moscow considers sanctions illegal

The Ministry of Commerce of SOUTH KOREA from Friday will expand the list of goods for the export of which to Russia and Belarus must obtain special permission from the government, from 57 to 798 positions, RIA Novosti reports citing a statement from the ministry.

“From April 28, the strengthening of export controls on exports to Russia and Belarus will be fully implemented, according to which the list of goods with export restrictions is expanding from 57 to 798 positions,” the ministry said in a statement.

So, 741 positions were added to the list, including industrial and construction equipment, goods in the steel, chemical industries, automotive industry, parts for cars over $50 thousand, conductors and quantum computers, parts for them, as well as sapphires and rubies.

Companies that received an export permit before April 27 will not have to reapply, but the new rules will apply from April 28. Applications will be considered on a case-by-case basis and, as an exception, companies that meet all requirements will be granted an export permit. The Ministry has not yet published a specific list of goods.

South Korea imposed sanctions against Russia after the start of a special operation in Ukraine. Seoul, in particular, suspended settlements with Russian banks and supported the disconnection of some of them from SWIFT. In addition, in March last year, South Korea, following the United States , banned the export to Russia of microprocessors and microcontrollers, equipment for the production, testing and verification of semiconductors, polycrystalline silicon (material for solar cells), filters, resists, as well as software necessary for the development and production of transistors and electronic equipment.

The largest South Korean automobile companies also did not rule out a complete withdrawal from Russia. The Hyundai St. Petersburg Automobile Plant suspended production in March 2022 due to a shortage of components. The same plant produced cars of the Kia brand.

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The sanctions imposed against the country were called illegal by the Russian authorities. President Vladimir Putin pointed out that the West's expectation of the collapse of the Russian economy did not materialize.