▲ A South Korean protests Russia for its invasion of Ukraine in front of the Russian Embassy in Seoul on Feb. 28, 2022. (Yonhap)

S Korea-Russia-sanctions

S. Korea to seek exemption for local firms from U.S. tech sanctions against Russia

SEOUL, Feb. 28 (Yonhap) -- South Korea will seek close consultations with the United States to receive an exemption from Washington's recently expanded sanctions against Russia to minimize the impact of the restrictions on local firms and the economy, the country's top trade official said Monday.

Last week, the U.S. government announced the Foreign Direct Product Rule (FDPR) for "all of Russia" as part of sweeping export controls over its recent invasion of Ukraine, which requires companies to receive a license from the U.S. for tech-related items using U.S. technology before they can be shipped to Russia.

The FDPR aims to block Russia's access to global high-tech products and other major items, such as semiconductors. The measure is feared to affect major South Korean exporters, including leading global chipmakers Samsung Electronics Co. and SK hynix, as they use U.S. technology and software.

During a meeting with trading company officials, Trade Minister Yeo Han-koo said that the government will hold director-level consultations with the U.S. Commerce Department this week to seek exemptions from the rules for local firms.

"To prevent possible damage to our companies, we will expedite efforts to secure exemptions to the restrictions. I will also reach senior U.S. officials to discuss the matter," Yeo told the officials.

"We will also swiftly wrap up ongoing consultations with the U.S. regarding our active joining of the international sanctions against Russia."

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