South Korea eyes USD1.6bn support fund for businesses affected by Ukraine conflict

South Korea has announced plans to provide emergency funds worth up to 2 trillion won (USD1.6bn) to support businesses from the possible impact of the Ukraine-Russia war. Vice Finance Minister Lee Eog-weon said the Ukraine-Russia conflict could have a “long-term” negative effect on the South Korean economy and that the extent of the coming impacts is unpredictable at the current stage. He said the government would concretize support measures for export-oriented businesses and will draw up a detailed list of companies involved in trade with Ukraine or Russia suffering financial damages from the fallout. Alongside measures for major conglomerates, he said the Finance Ministry is working on offering support to small and midsize enterprises in a separate manner, adding that the aid packages for SMEs would be unveiled in the coming days.