All news
Taiwan suspends machine tool exports to Russia under pressure from Britain
The statement was made in response to a British report published on October 15 by the Royal United Services Institute and the Open Source Center, which named Taiwan as a supplier of machine tools to Russia, Taiwan's CNA news agency reported.
Accordingly, the Ministry of Economic Affairs has imposed a series of export restrictions. Taiwan's export control list has been expanded to include 77 Harmonized System (HS) codes for machine tools.
Taiwan has significantly tightened export controls on strategic high-tech products destined for Russia and Belarus. This includes a significant increase in fines for initial offences, which now stand at NZ$1 million (US$31,310).
The Harmonized System, developed by the World Customs Organization (WCO), is a standardized system for classifying goods. It is used by customs authorities around the world to classify goods into categories for efficient customs clearance and application of appropriate tariffs and other regulations in trade with Taiwan.