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South Korea bans the supply of auto parts to Russia

“From April 28, the strengthening of export controls to Russia and Belarus will be fully implemented, according to which the list of goods with export restrictions is expanding from 57 to 798 positions,” the Ministry of Trade, Industry and Energy of the Republic of Korea said in a statement released today.

741 new positions have been added to the banned list. It included spare parts for cars worth more than $50,000, goods used in the automotive, steel and chemical industries. As well as construction equipment, semiconductors, quantum computers and parts for them. Exporters who received permission from the authorities to deliver to Russia before April 27 will not have to issue it again. The ban applies to contracts that will be concluded after April 28.

Note that the restrictions are likely to include not only components and consumables for Genesis brand cars, but also spare parts manufactured in Korea for any cars whose price tags exceed $50,000. Including for models of European, Japanese and American brands.

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