Major South Korean companies rapidly exploring options for return to Russia

(Patria) - Major South Korean companies are rapidly checking possibilities for returning to Russia, seizing the opportunity opened by negotiations to end the war in Ukraine, writes The Korea Times.

If Ukraine and Russia, after agreeing to halt attacks on energy infrastructure, also sign a peace agreement, sanctions against Russia are likely to be lifted, enabling Korean companies to resume operations on the Russian market, writes the South Korean newspaper.

In 2021, the value of South Korean-Russian trade amounted to $29.9 billion, and Russia ranked 12th on the list of export markets for South Korean companies, the newspaper cites data from the Ministry of Foreign Affairs.

Among the group of major South Korean companies, LG Electronics recently renewed some business activities in Moscow, the newspaper writes.

- The goal is to prevent the deterioration of production facilities that have been idle since the start of the war - a company executive told The Korea Times, adding that they are using "stockpiles of materials at the plant."

Before the war, the factory produced washing machines and refrigerators.

Hyundai Motor Group is studying business opportunities in Russia after the war, The Korea Times reported, noting that the company, along with Kia, was at the top of the list of popular brands in Russia in 2021.

In December 2023, they sold a plant in St. Petersburg for 10,000 rubles ($120), with the option to buy it back within two years.

- No decision has been made - a Hyundai Motor Group representative emphasized, adding that they are closely monitoring the situation.

Kia, Hyundai Mobis and Hyundai Steel recently posted job openings in Russia, and Samsung Electronics is also exploring possibilities for resuming operations, after halting production at its plant in Kaluga in 2022, The Korea Times notes.