Korea needs to proactively join efforts to settle crisis
Russia launched a sweeping attack on Ukraine Thursday, striking cities and major military bases. Russia described it as "special military operation" in the Donbas region, yet it is an apparent "full-scale invasion" which the international community was worried about. Ukrainian President Volodymyr Zelensky declared martial law after severing diplomatic ties with Russia while calling for prompt international assistance.
Russia's attack is a clear violation of international laws including the United Nations Charter and will fundamentally challenge the international order and peace regime that has taken shape in the aftermath of the Cold War. The possible prolongation of the current crisis may lead to another worldwide Cold War regime with a harsh confrontation between the alliance of Russia and China on one hand and that of the United States and Western countries on the other.
U.S. President Joe Biden unveiled a "severe" package of sanctions against Russia Thursday, targeting the country's major banks. "As a result of Putin's war of choice, Russia will face immediate and intense pressure on its economy, and massive costs from its isolation from the global financial system, global trade, and cutting-edge technology," Biden said in a White House speech.
Members the Group of Seven (G7) and other major countries with the exception of China decided to back the U.S. in bids to push for economic sanctions against Russia. President Moon Jae-in clarified that the Korean government would join international efforts toward sanctions against Russia. He said, "Any use of violence that will cost human lives cannot be justified under any circumstances."
The Moon administration needs to play a more proactive role to help settle the crisis at the earliest possible date, given Korea's status as a responsible member of the international community.
The Moon administration has so far maintained a lukewarm attitude in dealing with the Russia issue, apparently wary of possible setbacks in cooperation for the much-envisaged "northern projects" with Moscow, such as linking inter-Korean railroads. Yet such a stance is not proper given the need to meet the expectations of the international community. Seoul should more actively implement detailed measures to join in on global sanctions against Russia.
As Biden vowed to press for severe sanctions against Russia along with its allies, the U.S. is expected to call on Korea soon to join its move to ban exports of major goods. In that case, Korea's main export items such as automobiles and semiconductors will be included in the list of export embargo as they will help heighten the effectiveness of the possible sanctions.
The government and businesses also need to make combined efforts to take measures to minimize the possible negative impact from the current Ukrainian crisis. Minister of Economy and Finance Hong Nam-ki convened a meeting of relevant ministers Friday and decided to map out a contingency plan at the government level that features, among other things, the release of emergency oil and lowering interest rates for grain supply. Yet, the government needs to take more steps from a longer-term perspective in consideration of the possible global economic tremor in the wake of the crisis.
Russia launched a sweeping attack on Ukraine Thursday, striking cities and major military bases. Russia described it as "special military operation" in the Donbas region, yet it is an apparent "full-scale invasion" which the international community was worried about. Ukrainian President Volodymyr Zelensky declared martial law after severing diplomatic ties with Russia while calling for prompt international assistance.
Russia's attack is a clear violation of international laws including the United Nations Charter and will fundamentally challenge the international order and peace regime that has taken shape in the aftermath of the Cold War. The possible prolongation of the current crisis may lead to another worldwide Cold War regime with a harsh confrontation between the alliance of Russia and China on one hand and that of the United States and Western countries on the other.
U.S. President Joe Biden unveiled a "severe" package of sanctions against Russia Thursday, targeting the country's major banks. "As a result of Putin's war of choice, Russia will face immediate and intense pressure on its economy, and massive costs from its isolation from the global financial system, global trade, and cutting-edge technology," Biden said in a White House speech.
Members the Group of Seven (G7) and other major countries with the exception of China decided to back the U.S. in bids to push for economic sanctions against Russia. President Moon Jae-in clarified that the Korean government would join international efforts toward sanctions against Russia. He said, "Any use of violence that will cost human lives cannot be justified under any circumstances."
The Moon administration needs to play a more proactive role to help settle the crisis at the earliest possible date, given Korea's status as a responsible member of the international community.
The Moon administration has so far maintained a lukewarm attitude in dealing with the Russia issue, apparently wary of possible setbacks in cooperation for the much-envisaged "northern projects" with Moscow, such as linking inter-Korean railroads. Yet such a stance is not proper given the need to meet the expectations of the international community. Seoul should more actively implement detailed measures to join in on global sanctions against Russia.
As Biden vowed to press for severe sanctions against Russia along with its allies, the U.S. is expected to call on Korea soon to join its move to ban exports of major goods. In that case, Korea's main export items such as automobiles and semiconductors will be included in the list of export embargo as they will help heighten the effectiveness of the possible sanctions.
The government and businesses also need to make combined efforts to take measures to minimize the possible negative impact from the current Ukrainian crisis. Minister of Economy and Finance Hong Nam-ki convened a meeting of relevant ministers Friday and decided to map out a contingency plan at the government level that features, among other things, the release of emergency oil and lowering interest rates for grain supply. Yet, the government needs to take more steps from a longer-term perspective in consideration of the possible global economic tremor in the wake of the crisis.
![[INTERVIEW] North Korean defectors bear brunt of remittance scams](https://img.koreatimes.co.kr/upload/thumbnailV2/75c261156ac7415fad92dc1d7c1b30cf.jpg/dims/resize/178/optimize)
![[INTERVIEW] Foreign-born entertainers seek to revolutionize local industry](https://img.koreatimes.co.kr/upload/thumbnailV2/4a6b2bd3d23044d699dee3c5bb956863.jpg/dims/resize/178/optimize)
