Analysis of the Activity Trends of Foreign Companies in the Far East of Russia after the Ukrainian War and Policy Implications

Abstract

In this paper, derived implications for Korea-Russia cooperation by analyzing the trends in the participation of Western and Japanese companies in sanctions against Russia in the Russian Far East after Russia’s invasion of Ukraine, their impact on Russia, Russia’s countermeasures, and Russia-China cooperation cases. and proposed policy tasks for cooperation with Russia to the new government of Korea. Four policy implications were emphasized as follows. First, it is necessary to review the participation of Korean companies in the businesses that Western and Japanese companies have withdrawn and target niche markets. Second, in the case of sanctions items, since direct trade with Russia is difficult, bypass exports through China and Central Asian countries should also be considered. Third, cooperation with Russia should be resumed as soon as possible, even in areas not related to sanctions. Fourth, communication and exchange for cooperation at the level of private companies and local governments should be continued while continuously managing human networks with local related organizations and high-level officials, including the Russian Far East.