Economic sanctions priority on Russia

1. Introduce a ban on imports of russian oil, petroleum products, bitumen in particular, gas, coal and metals on the market of the Republic of Korea.

This is 80% of imports from russia to Korea.

The largest oil and refining companies are SK Innovation and S-Oil.


2. Prohibit the supply of high-tech goods to russia.

These include electronic and telecommunications devices, computers, sensors, lasers. This list was conducted by the United States to the Korean side. This is the only thing that the Korean side has decided to do, but under pressure from the United States, only 57 goods have been announced so far, but which we do not know for sure. We urge the Korean government to disclose information publicly about such goods and expand the list.

Samsung Electronics Co. and SK hynix Inc., two of the world's largest suppliers of memory chips.


3. Prohibit the export of important technologies for russia.

Such as marine diesel generators, turbogenerators, photoseparators, construction equipment, semiconductors.


4. We call on Korean business to stop doing business with russia.

We ask the Government of Korea Side to develop and implement a plan of action to support Korean business in connection with the losses associated with the closure of business with Russia.

Samsung has a TV factory in Kaluga, southwest of Moscow. It is also the largest provider of mobile phones in the aggressor country.

LG Electronics Inc. has a plant 100 kilometers west of Moscow, producing home appliances and electronics.

Hyundai Motor has local assembly lines in St. Petersburg, which produces about 230,000 cars a year.

In 2021, Hyundai sold 38,161 cars, and its partner Kia Corp - 51,869 cars.


5. Suspend the production of ships for russia until 100% full payment of the order and the end of the war of unleashed Russia in Ukraine

For shipbuilders is large risk of non-payment contracts as a larger part of the payment must be do only after delivery of the ships to the customer.

The country's three main shipbuilders are Korea Shipbuilding & Offshore Engineering Co. (KSOE), Daewoo Shipbuilding & Marine Engineering Co. and Samsung Heavy Industries Co. - they received construction orders worth more than 7 trillion won ($ 5.6 billion) for seven ships transporting liquefied natural gas and supplying equipment to Russian shipyards.


6. To request the Government of the Republic of Korea Side to extend sanctions to all russian banks, to prohibit russian banks and their subsidiaries from conducting operations through the Republic of Korea.


7. We ask the Government of Korea Side to close seaports to russian ships and seafarers and to close the skies to russian airlines.

These decisions have no economic justification, so they are purely political.

However, the closure of ports does not mean a reduction in trade across the sea, you can use Korean ships and the possible transhipment of goods outside the ports. This is the same about airspace and finance operations.