Trade Ministry bans exports of 682 more items to Russia, Belarus

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Trade Ministry bans exports of 682 more items to Russia, Belarus

Published: 26 Dec. 2023, 16:38 Updated: 26 Dec. 2023, 17:34

PARK EUN-JEE
park.eunjee@joongang.co.kr

Cars sit before being exported in Pyeongtaek, Gyeonggi, on Dec. 14. [NEWS1]

Excavators, electric vehicle batteries and large-sized cars are some of the items being subject to the Korean government’s toughed export restrictions to Russia and Belarus in response to Russia's invasion of Ukraine.

The Ministry of Trade, Industry and Energy announced Tuesday that it added 682 more items categorized as heavy construction equipment, rechargeable batteries, aircraft components, machinery and other things to the list of items that are banned from shipping to Russia and Belarus.

Cars with an engine over 2,000 cubic capacity also fall under the export curb. Used cars will be hit hardest as Russia had been a big market for them. Korea's exports of used cars to Russia totaled 19,628 units in 2022, up 732.3 percent from the year before, according to Korea International Trade Association.

Still, major carmakers like Hyundai Motor will be minimally affected since its operations have been largely halted since the war. Local battery makers have no major projects or operations based in Russia.

The new regulation will raise the total number of items on the list to 1,159, from the current 798 items.

The revision is expected to take effect in early 2024 following due administrative procedures and the government's issuance of guidelines for exporters.

The ministry said it will make a case-by-case review of "exceptional cases" for shipments to the two nations. The move came as chances are high that such items would be used for military purposes, though they are not classified as strategic items under Korea's export control scheme.

BY PARK EUN-JEE, YONHAP [park.eunjee@joongang.co.kr]