South Korea tightens export rules on Russia, Belarus

SEOUL: South Korea intends to tighten export controls on Russia and Belarus regarding goods that could potentially be used for military purposes, the Trade Ministry said, Yonhap news agency reports. Announced today. Last week, South Korea expanded its list of items banned for shipment to Russia and Belarus by including 682 products with current or potential military applications.
In a statement, the Ministry of Trade, Industry and Energy, fearing a rise in attempts to circumvent regulations and engage in evasive shipping practices, plans to strengthen export control measures in cooperation with relevant organizations, according to Yonhap news agency. Emphasized the need for.
The ministry said special attention will be paid to monitoring exports of “common high-priority items” such as chips applicable to drones in partnership with partner countries. To prevent unauthorized exports stemming from lack of awareness, South Korea aims to educate exporters about the updated list of controlled products, according to Yonhap news agency.
The latest regulation brings the total number of items on the controlled list to 1,159. In a related development, South Korean authorities revealed an investigation into Daesung International Trading, a company based in Gimhae, South Korea. The company, based in South Korea’s southeastern city of Gimhae, was one of 93 entities added to the “entity list” for export restrictions by the Bureau of Industry and Security under the US Commerce Department on February 22 (ANI)