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.
The decision came as Korea’s trade ministry held an emergency meeting over minimising risks and damage to domestic companies due to export controls and financial sanctions against Russia.
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.
- George Russell
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