The government said Friday that exporters are increasingly feeling the brunt of losses particularly in logistics and financial transactions as South Korea joined export controls and sanctions against Russia over its invasion of Ukraine.

Vice Finance Minister Lee Eog-weon presided over an emergency task force meeting on the Ukraine crisis, the 16th of its kind, and discussed the current status and corresponding measures.

The government explained that businesses across the board  were increasingly facing challenges in their exports, imports and finance operations.

Trading companies reported an increasing number of payment delays and transactions difficulties. As logistics and transport to Russia took a major hit, companies in the country are struggling to secure parts and components and keep their factories running.

In other areas, money transfers to Korean residents and students in Russia are also being delayed or rejected.

In response, the Seoul government is devising new solutions including urging Koreans in Russia to make full use of local branches of Korean banks.

The government said it will step up monetary and tax support for affected Korean businesses, including plans for a two trillion won financing package. It also plans to help firms find alternative export channels.