Korean firms prepare to resume business in Russia amid truce talks

If the two countries reach a complete truce or peace agreement, sanctions on Russia will likely be lifted, allowing Korean firms to resume business there.

With a population of over 140 million, Russia is a significant market with a strong preference for Korean products and serves as a strategic hub connecting Central Asia and Europe. According to data from the Ministry of Foreign Affairs, bilateral trade between Korea and Russia reached $29.9 billion in 2021, with Russia ranking as Korea’s 12th-largest export market at the time.