As the talks toward a truce between Russia and Ukraine are gaining momentum, major Korean companies are accelerating their feasibility studies on resuming business in Russia. The move comes as Russia is seen as a critical market for diversifying business interests, especially amid growing tariff pressures from the United States.

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.