World News | South Korea Tightens Export Rules on Russia, Belarus Amid Rising Military Tensions
Get latest articles and stories on World at LatestLY. South Korea intends to tighten export controls on Russia and Belarus concerning items that could potentially be used for military purposes, as announced today by the trade ministry.
Seoul [South Korea], February 26 (ANI): South Korea intends to tighten export controls on Russia and Belarus concerning items that could potentially be used for military purposes, as announced today by the trade ministry, as reported by Yonhap News Agency.
Last week, South Korea expanded its list of banned items for shipment to Russia and Belarus by including 682 products with current or potential military applications.
In a statement, the Ministry of Trade, Industry and Energy emphasised the need to reinforce export control measures in collaboration with relevant organisations, anticipating increased attempts to circumvent regulations and engage in evasive shipping practices, as per Yonhap News Agency.
Particular attention will be devoted to supervising exports of "common high-priority items," such as chips applicable to drones, in partnership with allied nations, the ministry added.
According to Yonhap News Agency, to prevent unauthorised exports stemming from a lack of awareness, South Korea aims to educate exporters about the updated catalogue of controlled products.
The latest regulation brings the total number of items on the controlled list to 1,159.
In a related development, South Korean authorities disclosed an investigation into Daesung International Trading, a company based in Gimhae, South Korea.
The company, located in South Korea's southeastern city of Gimhae, was one of 93 entities added to an "entity list" for export restrictions by the Bureau of Industry and Security under the U.S. Commerce Department on February 22 (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)