The South Korean governments upcoming new export control regulations, aiming to strengthen economic sanctions against Russia and Belarus, announced a proposal on February 24, 2023. The Ministry of Trade, Industry and Energy announced on the 20th that, according to the revised 33rd Strategic Goods Notice, the government has newly added 682 items to the catch - all list, covering a variety of goods from heavy construction machinery to secondary batteries, machine tools and aircraft parts.import and exportOne focus of this control measure is to restrict the export of automobiles to Russia and Belarus, especially medium - and large - sized passenger cars with a displacement of more than 2.0 liters. This new regulation will replace the previous control measure based on the over $50,000 standard of automobile export value. Since South Koreas automobile exports to Russia mainly consist of used cars, the implementation of the new regulation will undoubtedly have a significant impact on South Koreas used - car exports to Russia. According to the statistics of the Korea Trade Association, South Koreas used - car exports to Russia increased by more than 700% year - on - year in 2022, reaching 19,628 units. However, the new export control policy means that South Korea will, in principle, not be allowed to export medium - sized vehicles and above to Russia and Belarus.

Since the first implementation of export controls on Russia and Belarus on March 25, 2022, about 11 months have passed. At that time, 57 categories of goods were added to the list, mainly related to electronics and semiconductors; computers, telecommunications; information security; sensors and lasers; navigation and avionics; marine; as well as aviation and propulsion.

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