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South Korea bans the supply of car parts to Russia

  • April 24, 2023
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Until recently, South Korea has been lukewarm about implementing Western sanctions against Russia. However, in May of this year everything will change: the Land of the Morning Silence

South Korea bans the supply of car parts to Russia

Until recently, South Korea has been lukewarm about implementing Western sanctions against Russia. However, in May of this year everything will change: the Land of the Morning Silence introduced a ban on the export of car parts to the Russian Federation.

“From April 28, the tightening of export controls to Russia and Belarus will be fully implemented, according to which the list of goods subject to export restrictions will be expanded from 57 to 798 positions,” said the Ministry of Trade, Industry and Energy of the Republic of Korea said in a statement released today.

741 new features have been added to the banned list. It included spare parts for cars worth more than $50,000, goods used in the automotive, steel and chemical industries. As well as construction equipment, semiconductors, quantum computers and parts therefor. Exporters who have received permission from the authorities to supply Russia before April 27 do not have to re-issue it. The ban applies to contracts concluded after April 28.

Keep in mind that the restrictions are likely to include not only components and consumables for Genesis-branded cars, but also spare parts manufactured in Korea for cars whose price tags exceed $50,000. Also for models of European, Japanese and American brands.

“From April 28, the tightening of export controls to Russia and Belarus will be fully implemented, according to which the list of goods subject to export restrictions will be expanded from 57 to 798 positions,” said the Ministry of Trade, Industry and Energy of the Republic of Korea said in a statement released today.

741 new features have been added to the banned list. It included spare parts for cars worth more than $50,000, goods used in the automotive, steel and chemical industries. As well as construction equipment, semiconductors, quantum computers and parts therefor. Exporters who have received permission from the authorities for deliveries to Russia before April 27 do not have to re-issue them. The ban applies to contracts concluded after April 28.

Keep in mind that the restrictions are likely to include not only components and consumables for Genesis-branded cars, but also spare parts manufactured in Korea for cars whose price tags exceed $50,000. Also for models of European, Japanese and American brands.

Source: Avto Vzglyad

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