On April 7, 2022, Hyungkeun Lee spoke at a round table on “The Impact of Sanctions Against Russia on International Contracts and the Potential Countermeasures Based on Law and Contract,” held by the Korean Chamber of Commerce and the Korean Commercial Arbitration Board (“KCAB”).

The topics addressed at this discussion included: (i) the status of sanctions imposed against Russia by the American, European, and Korean governments and the counter-sanction measures implemented by Russia, (ii) the impact of such sanctions on the cross-border transaction of goods and international contracts in the manufacturing, shipbuilding and construction sectors, (iii) international contractual and legal challenges arising from sanctions that a seller, buyer and contractor/builder may face, and (iv) types of potential disputes or issues that may arise and possible solutions to those problems.

Kim & Chang recently formed a full-fledged Russian Sanctions taskforce, which is the first of its kind in Korea, consisting of professionals specializing in sanctions, export control, finance, and international disputes.  The taskforce closely monitors the impact of sanctions adopted by Korea, the US, and the EU as well as the counter-sanctions measures implemented by Russia on Korean businesses and provides clients with a “one-stop service” for related issues.