Korea wins exemption from US' expanded export restrictions on Russia

Korean Trade Minister Yeo Han-koo poses for a photo with U.S. Deputy Secretary of Commerce Don Graves during their meeting in Washington, Friday, in this photo provided by the South Korean ministry. Yonhap

Korea won an exemption from the United States' expanded export restrictions on Russia over its invasion of Ukraine, Seoul's industry ministry said Friday.

Last week, the U.S. government announced the Foreign Direct Product Rule (FDPR) for "all of Russia" as part of its export controls to block Russia's access to global high-tech products and other major items, such as semiconductors.

The measure calls on companies to receive a license from the U.S. for tech-related items using U.S. technology before they can be shipped to Russia, which is feared to affect major South Korean exporters, as they use U.S. technology and software.

Trade Minister Yeo Han-koo met with senior U.S. officials in Washington, Thursday, and the two sides agreed to include South Korea in the U.S.' list of exempt countries, according to the ministry.

"The U.S. assessed that South Korea's sanctions against Russia are well-aligned with the international standard and announced its decision to put South Korea on the list of FDPR exempt nations," the ministry said in a release.

Korea is now included on the list of 33 nations, which includes the European Union, Britain and Japan. (Yonhap)