Tech

S.Korea obtains exemption from US license requirements for some Russian exports

FILE PHOTO: A truck carrying a shipping container drives past cranes at Pyeongtaek Port in Pyeongtaek
FILE PHOTO: A truck carrying a shipping container drives past cranes at Pyeongtaek port in Pyeongtaek, South Korea July 9, 2020. REUTERS/Kim Hong-Ji

March 8, 2022

SEOUL (Reuters) – South Korea said on Tuesday it was granted an exemption from US export restrictions requiring it to apply for a license for some tech-related exports to Russia after invading Ukraine.

South Korea joins the European Union, Japan, Canada, Australia, Britain and New Zealand in getting exemption from Washington-led sanctions aimed at blocking Russia’s access to high-tech products, its commerce ministry said in a statement Explanation.

US export controls require companies to apply for a license to export technology-related components made with US technology to Russia, part of an effort to cut Russia off from semiconductors and other advanced technologies critical to its weapons development and biotechnology are.

South Korea is a major producer of semiconductors through chipmakers such as Samsung Electronics and SK Hynix.

South Korea has announced sanctions against Russia, including a ban on transactions with Russia’s central bank, penalties for key Russian sovereign wealth funds, and has joined efforts to ban some Russian banks from the international SWIFT payment system.

(Reporting by Cynthia Kim; Editing by Richard Pullin)

https://www.oann.com/s-korea-wins-exemption-on-u-s-licence-requirement-for-some-russia-exports/?utm_source=rss&utm_medium=rss&utm_campaign=s-korea-wins-exemption-on-u-s-licence-requirement-for-some-russia-exports S.Korea obtains exemption from US license requirements for some Russian exports

Emma Bowman

USTimeToday is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – admin@ustimetoday.com. The content will be deleted within 24 hours.

Related Articles

Back to top button