The government believes that while the ongoing war in Ukraine is compounding losses at South Korean firms, there is little impact on energy imports and supplies of raw materials from overseas.

Vice finance minister Lee Eog-weon on Friday chaired the 22nd round of a task force meeting on the Ukraine crisis which also served to gauge supply and demand for key products related to economic stability.

Participants discussed the impact of Western sanctions on Russia and the effects of China's pandemic-induced lockdown measures on supply chains.

South Korea will begin export controls against Russia and Belarus on 57 nonstrategic items and technologies starting Saturday. The government has issued guidelines on these new measures while providing emergency financing to affected businesses.

Soaring global energy prices have so far had limited impact on the supply of raw materials including key substances.

Regarding China, the government believes that its lockdown measures will have limited impact on Korean firms as the COVID-19 outbreak slowly recedes. Concerns that lockdowns could affect factory operations in China are gradually easing.