Ukrainian and Korean officials discuss tightening sanctions against russia

First Deputy Prime Minister - Minister of Economy of Ukraine Yulia Svyrydenko during a telephone conversation with the co-chair of the Ukrainian-Korean Intergovernmental Commission on Trade and Economic Cooperation Yong Song-dok stressed the need to intensify sanctions against russia, especially in the field of oil and gas imports, as well as the termination of joint infrastructure projects with russia.

"Ukraine is grateful to Korea for its strong support in our fight against the

aggressor. In particular, we received two tranches of humanitarian aid worth $ 40 million. The Korean government has included our country in the list of priority countries to be provided with development assistance. This allows for obtaining funding from the Economic Development Cooperation Fund (EDCF), as well as attracting related grants from the Korea International Cooperation Agency (KOICA). The total amount of funds may reach $3 billion," Yulia Svyrydenko stressed.

Korea has already suspended financial transactions with the TOP-7 russian banks and two sovereign wealth funds, restricted supplies of 57 goods to russia and belarus, and banned the export of 49 russian organizations and firms related to the military-industrial complex. A number of leading Korean companies have closed their businesses in russia and cut off supplies of goods. At present, it is critical to achieve a ban on exports from Korea to russia of dual-use goods - diesel generators, turbogenerators, construction equipment, goods and technologies of the aerospace industry. All this can be used to intensify russian aggression.

Ukraine also expects to intensify bilateral economic relations. In 2021, the Ukrainian-Korean trade turnover increased by 17%, reaching $994 million, and now there are prospects for its recovery, in particular, cooperation in the agricultural sector and the inflow of Korean investment in this area.

During the conversation, the parties also discussed Korea's participation in Ukraine's post-war reconstruction, in particular, in rebuilding infrastructure and transforming the economy.