South Korea works to exempt local firms from Russian sanctions

Trade Minister Yeo Han-koo said that South Korea will hold director-level consultations with the US Commerce Department this week to seek exemptions from Washington's recently expanded sanctions against Russia. Yeo said the government will expedite efforts to secure exemptions to minimise the impact of the restrictions on local firms and the economy. The US government earlier announced the Foreign Direct Product Rule (FDPR) for “all of Russia” as part of sweeping export controls over its recent invasion of Ukraine. The rule requires companies to receive a licence from the US for tech-related items using US technology before they can be shipped to Russia. Yeo said they will also swiftly wrap up ongoing consultations with the US regarding their active joining of the international sanctions against Russia.