The South Korean governments upcoming export control regulations, aimed at strengthening economic sanctions against Russia and Belarus, will announce a proposal on February 24, 2023. The Ministry of Trade, Industry and Energy announced on the 20th that, according to the revised 33rd Batch of Strategic Materialsimport and exportNotice, the government has added 682 items to the catch-all control list, covering various goods from heavy construction machinery to secondary batteries, as well as machine tools and aircraft components.

A key focus of these control measures is restrictions on automobile exports to Russia and Belarus, particularly mid-to-large passenger vehicles with engine displacements exceeding 2.0 liters. This new regulation will replace the previous control measure based on an export value exceeding $50,000. Since South Koreas automobile exports to Russia mainly consist of used vehicles, the implementation of the new regulation will undoubtedly have a significant impact on South Koreas used vehicle exports to Russia. According to statistics from the Korea International Trade Association, South Koreas used vehicle exports to Russia surged by over 700% year-on-year in 2022, reaching 19,628 units. However, the new export control policy means South Korea will, in principle, be prohibited from exporting mid-sized and larger vehicles to Russia and Belarus.

After this new addition, 741 items are subject to export restrictions on Russia and Belarus, mainly in the following categories:

? Pipes, containers, pumps, electrostatic precipitators, etc. (Numbers 58 to 113)

? Jewelry, yachts, motor vehicles with a value exceeding $50,000, chassis, etc. (Numbers 114 to 176)
? Heat exchangers, industrial robots, bearings, valves, metals, textiles, semiconductor manufacturing equipment, industrial software, machine tools, engines and motors, electric motors, generators, automotive air conditioners, optical fibers, wireless telephone transmission equipment, semiconductor devices, memories, freight motor vehicles, air conditioners, etc. (Numbers 177 to 661)
? Chemicals, pumps, valves, reactors, etc. (Numbers 662 to 774)
? Quantum computers, components, parts, vacuum equipment, microscopes, etc. (Numbers 775 to 785)
? Diodes, semiconductor devices, transistors, memories, other integrated circuits, etc. (Numbers 786 to 798)
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Original announcement:Amended 33rd Public Notice on Trade of Strategic Items to take effect Feb. 24