S. Korea wins exemption from U.S' Foreign Direct Product Rule regarding exports to Russia

 South Korea won the release of expanded export restrictions in the United States in Russia on the invasion of Ukraine, the Ministry of Industry Seoul said Friday.


The move came when the South Korean Minister of Trade Yeo Han-Koo met with senior US officials in Washington on Thursday and both parties agreed to include South Korea in the list of US free countries.


Last week, the US government announced the rules of foreign direct products (FDPR) for "all Russians" as part of their export control to block Russian access to global high-tech products and other foreign goods produced, such as semiconductors, more than that Russian invasion to Ukraine.


Call size in the company to receive a license from the US for technology related to technology using US technology before they can be sent to Russia, which is feared to influence the main South Korean exporter, because they use US technology and software.


Yeo welcomed the US decision to release South Korea from FDPR, say countries "once again reaffirm their strong cooperation."


The Minister of Commerce added that the US has agreed to issue Seoul's release from FDPR in the government's earliest notification on Friday (Washington Time).


South Korea is now included in the list of 33 countries, which include the European Union, Britain and Japan.


"The US considers that South Korean sanctions against Russia are in harmony with international standards and announced their decisions to place South Korea in the list of FDPR free countries," the Industrial Ministry said in the release.


The Ministry of Foreign Affairs said Seoul and Washington will continue to approach consultations about the implementation of sanctions against Moscow.


"South Korea and the US will continue to discuss various diplomatic and economic steps for resolution to the Ukrainian crisis, including the implementation of sanctions against Russia," said a ministry official to reporters in the condition of customary anonymity.


Earlier this week, South Korea announced his decision to stop financial transactions with seven Russian major banks and affiliates slapping US sanctions, joining global steps to eliminate Russia from a rapid global payment network.


South Korea also decided to ban the export of strategic goods to Russia while highly recommending public and local financial institutions to stop their investment in Russian government bonds issued from Wednesday.


During the meeting on Thursday with US officials, Minister Yeo also asked the US to quickly begin talks to revise tariff rules in Seoul steel exports.


Last month, the US and Japan announced their agreement to eliminate tariffs from Japanese steel imports starting in April after Washington praised similar access to EU steel coaches late last year.


The US releases tariffs on South Korean steel products in 2018, but in exchange for annual import quotas 2.63 million tons of steel, or 70 percent of the export volume of Seoul average steel products for the past three years.

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