Do you remember the shocks caused by the trade conflict between the US and China?
– GDnet Korea (May 20, 2019)
– Financial News (August 18, 2020)
This was one of the weapons used by the United States at this time.
Even if a product made in a third country, the U.S. government directly bans exports if U.S. software or technology is used.
As a result of this invasion of Ukraine, Russia’s imports and exports of 7 items and 50 technologies are controlled by the US Department of Commerce.
By the way…
* U.S. designated EU, U.K., Australia, Japan, Canada and New Zealand as exempt countries from FDPR control measures on the 24th of last month
We, too, are allies with the United States, but as Russia’s participation in sanctions was delayed, it was excluded from the exemption.
Exports of Korean companies in Russia or supplies of materials to their factories must also be approved by the U.S. Department of Commerce.
Fortunately, the news is that an agreement was reached with the United States yesterday.
* Including Korea and countries exempted from export control to the US * The US will publish Korea as an FDPR exempt country within a few days * Independent export control measures similar to those of the international community
There is a big difference between asking for a permit from the U.S. Department of Commerce and giving it control by the Korean government in terms of uncertainty and lead time.
But why were we late and negotiated a separate exemption? Let’s look at the background of long troubles.
* Samsung Electronics and LG Electronics – No. 1 in Russia’s major consumer electronics fields such as washing machines and refrigerators * Samsung Electronics – No. 1 in Russian smartphone market share (30%) * Automobile industry – 25% of exports to Russia
Apple doesn’t have factories in Russia, and Volvos and Volkswagens don’t sell very well on the Russian market, but we’re different.
“If FDPR is applied to final consumer goods such as automobiles, machinery, plastics, and electrical products, the main products of Russia, exports to Russia will drop sharply”
– Institute for Foreign Economic Policy (28th of last month)
As wars escalate, sanctions continue to tighten, and items expand, exports take a hit.
Information and financial assistance must be provided promptly to relevant companies.
Byun Sang-wook’s anchor report.
YTN Sangwook Byeon ([email protected])
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