Prospects for Trade and Economic Cooperation between Russia and the Republic of Korea at the Present Stage

Russian-South Korean trade and economic cooperation has faced serious challenges in recent years and continues to be on a negative track. After achieving record levels of bilateral trade in 2021, opportunities for further economic cooperation continue to shrink, influenced by political factors. The main reasons for this were the Republic of Korea's accession to the anti-Russian sanctions of the collective West in connection with the start of Russia's special military operation in Ukraine, as well as the introduction by Seoul of an export control list against Russia and the Republic of Belarus. These measures limited the supply of a number of goods and complicated financial transactions, thereby creating serious obstacles to trade. However, despite the current circumstances, business circles of both countries are interested in continuing the partnership and are looking for new ways to do this. One of the important aspects of this process is that South Korean companies are seeking to occupy the vacant niche after a leave of European companies, in particular in such areas as the supply of cosmetics, textiles and food products, where they are in great demand among Russian consumers. If previously the emphasis was on raw materials, now other categories of goods such as the agro-industrial complex, entertainment content and other promising goods are actively included in the trade turnover. This article analyzes the current situation in trade and economic cooperation between Russia and the Republic of Korea, explores the ways and opportunities for activating such partnership in the context of global challenges and existing sanctions pressure.

The Republic of Korea, Russia, trade, sanctions, cooperation