Standard Club has noted that, since the club’s news item of March 24th, the South Korean government had introduced additional measures against Russia, including strategic export controls. A Public Notice on Trade of Strategic Items was issued by the Ministry of Trade, Industry, and Energy on March 25th, which came into effect the following day.
The new Public Notice adds 57 categories of goods that are currently not strategic items under South Korean law, but which are items subject to the expanded US export controls targeting Russia imposed by the US Department of Commerce on February 24th.
The additional 57 categories in Annex 2-2 all fall into one of the categories outlined below:
- Electronics and semiconductor
- Information security, sensors and lasers
- Navigation and avionics
- Aerospace and propulsion
For those companies that trade to Russia any of the 57 additional items now listed in Annex 2-2, it is understood that a specific license needs to be obtained from the MOTIE at first instance.
Standard Club urged its members to check the position against the Public Notice and carry out all the necessary due diligence.