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Over 370 Cases of Losses, Difficulties by Local Firms Reported amid Ukraine Crisis

Written: 2022-03-02 17:11:52Updated: 2022-03-02 17:13:52

Over 370 Cases of Losses, Difficulties by Local Firms Reported amid Ukraine Crisis

Photo : YONHAP News

Domestic businesses have reported over 370 cases of financial losses or difficulties stemming from the Russian invasion of Ukraine and global sanctions on Moscow.

The finance ministry on Wednesday convened a session of a special task force on the Ukraine crisis to assess the overall response and future strategies.

While exports to Russia and Ukraine have jumped 48-point-eight and 21-point-two percent, respectively, on-year in February, the ministry said there has been a rise in reported difficulties resulting from export curbs and other global sanctions.

Out of 374 cases reported as of Monday, 147 concerned export curbs, while 200 involved transactions, logistics and supply chains.

The government will continue to monitor supplies of key materials, such as those used in the semiconductor and steel industries, while supporting domestic development of related technologies.

Officials also decided to provide emergency financial aid to small- to mid-sized enterprises likely to be adversely affected by the rising prices of raw materials and financial market volatilities.

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