Republicans in the US Senate demanded that Russia suspend exports to semiconductors, the only semiconductor that rose 6.1% on the back of a decline in industrial production.
Republican Senator Rob Portman said in a speech at the Senate plenary session on the 28th of last month that South Korea, Japan, Taiwan and Singapore account for more than 70% of the world's semiconductor production. It must be so,” reported the Voice of America (VOA).
According to Statistics Korea's 'January Industry Trend', all industrial production decreased 0.3% from the previous month, and the only increase in semiconductors (6.1%) and automobiles (3.2%) was the decline in machinery and equipment (-3.2%).
In January, manufacturing inventories increased by semiconductors (20.7%) and telecommunication/broadcasting equipment (2.4%), while export shipments fell 0.2%.
In a meeting with U.S. Deputy Treasury Secretary Wally Adeyemo on the 28th of last month, 1st Vice Minister of Strategy and Finance Lee Won Lee said, "We are considering additional sanctions measures starting with the ban on export of strategic goods." .
On the 1st, the Ministry of Strategy and Finance (MOTIE) conducted domestic finance with seven banks and subsidiaries including Sberbank, the Russian state-run bank, the Foreign Economic Bank (VEB), the military bank Promsvaj Bank (PSB), VTB, Otkritiye, Sovokom, and Novicom. Announced the decision to suspend institutional trading.
Republican Senator Bill Hagerty said at the Conservative Political Action Conference (CPAC) on the 26th of last month that "Japan and South Korea are stepping up to help supply natural gas through the release of strategic oil reserves." "I'm trying to be good, but I'm very anxious."
Bloomberg reported on the 28th that the U.S. is releasing 30 million barrels from its strategic oil reserves and that its allies are also considering releasing 30 million barrels.
The Washington Post reported on the 28th of last month that “TSMC (Taiwan) decided to block not only direct sales to Russia but also indirect supply through third parties.” “Intel and AMD also joined in halting exports to Russia.”
At the International Energy Agency (IEA) board meeting on the 1st, Minister of Commerce, Industry and Energy Moon Seung-wook said, "The Korean government will actively participate in export control financial sanctions in response to the Ukraine crisis and the release of oil reserves to stabilize the oil market."
In January, service industry production decreased by 0.3%, while financial and insurance (-2.7%) and professional, science and technology (-2.5%) increased by 1.2%, while retail sales decreased by 1.9% from the previous month.