Against the backdrop of growing concerns about a Russian incursion into Ukraine, President Moon Jae-in stated on Tuesday that Ukraine's sovereignty must be maintained and that Korea will actively participate in peace efforts for the country.
In an unexpected joint meeting of the National Security Council and the Foreign Economic Security Strategy Council, Moon said, "Ukraine's sovereignty and territorial preservation must be respected, and peaceful solutions should be actively sought through dialogue." The meeting came after the Kremlin ordered Russian troops into separatist-held areas of eastern Ukraine on Monday, prompting the National Security Council and the Foreign Economic Security Strategy Council to convene.
President Petro Poroshenko stated that "it is never acceptable for the situation in Ukraine to develop into an armed confrontation." According to the author, "It will have a significant political and economic influence not only in Europe but around the world."
As a responsible member of the international community, Korea will actively participate in these efforts as a responsible member of the international community, he continued. "Countries all over the world should work together to ensure that the Ukraine issue can be resolved peacefully as soon as possible," he said.
Moon asked officials to make every effort to safeguard and repatriate Korean citizens who have taken up residence in Ukraine, as well as to work closely with the nations concerned.
"Given the quick development of the crisis, we must now be prepared to respond in a more swift, more aggressive, and more particular manner," Moon stated during the meeting.
As of Sunday, it was reported that around 60 Korean nationals were still residing in Ukraine. Around 30 Korean nationals expressed a desire to remain in the country among them. In an attempt to encourage them to reconsider their minds and either leave early or relocate to safer locations such as Lviv, local diplomatic offices are contacting them.
He also instructed the administration to conduct a more thorough investigation into the impact of the Ukraine situation on the Korean economy.
Despite the fact that "economic links such as commerce between Korea and Ukraine are not big," Moon stated that "prolonged crises and harsh sanctions against Russia by Western countries might have a significant impact on our economy."
According to Moon, officials should "actively seek countermeasures to prevent the economy from suffering unexpected damage," because disruptions in supply chains such as those involving energy and raw materials, as well as uncertainties in the global financial market, can "affect the entire economy."
Rising tensions in eastern Ukraine, after Russian President Vladimir Putin's order to send soldiers into two rebel pro-Moscow areas on Monday, sent tremors through the South Korean stock market.
Due to the escalation of geopolitical tensions, the won-dollar exchange rate began the day higher, while the Kospi and the Kosdaq began the day down, indicating a growing demand for safe assets. The price of gasoline in Seoul has risen to 1,800 won ($1.50) per liter.
With the establishment of a 24-hour emergency response system, the Financial Supervisory Service intends to improve foreign currency liquidity management across all financial sectors, according to a statement.
According to Securities, the crisis might also have a detrimental impact on the country's semiconductor and chemical sectors.
Because of the Russia-Ukraine issue, a hit to the semiconductor industry, which is one of the nation's most important businesses, is unavoidable if tensions continue to rise. Approximately half of the neon, argon, and xenon gases used as raw materials in semiconductor manufacturing are sourced from Russia and Ukraine. It is also possible that the oil refining and chemical industries may be impacted. Russian crude oil accounts for around 5.5 percent of total crude oil imports by domestic oil refiners.
