SEOUL (Reuters) – South Korea stated on Tuesday it has been granted an exemption from U.S. export restrictions requiring it to hunt a licence for some tech-related exports to Russia following the invasion of Ukraine.
South Korea joins the European Union, Japan, Canada, Australia, Britain and New Zealand in receiving the exemption amid Washington-led sanctions aimed toward blocking Russia’s entry to high-tech merchandise, its commerce ministry stated in a press release.
The U.S. export controls require firms to hunt a licence to export tech-related parts made with U.S. know-how to Russia, a part of efforts to chop Russia off from semiconductors and different superior know-how essential to its weapons growth and biotechnology.
South Korea is a serious producer of semiconductors by way of chipmakers together with Samsung Electronics and SK Hynix.
South Korea has introduced sanctions on Russia, together with a ban on transactions with Russia’s central financial institution, penalties on key Russian sovereign wealth funds, and has joined strikes to dam some Russian banks from the SWIFT worldwide funds system.
(Reporting by Cynthia Kim; enhancing by Richard Pullin)
