Government agencies should assist Taiwanese companies whose businesses might be affected by Taiwan’s sanctions against Russia, Premier Su Tseng-chang (蘇貞昌) told an interdepartmental meeting yesterday.
The meeting was convened after the US, UK, Canada and the EU on Saturday said that certain Russian banks would be expelled from the Society for Worldwide Interbank Financial Telecommunication (SWIFT), a global cash-transfer system used by about 11 thousand financial institutions worldwide to conduct business and issue payments.
Taiwan on Friday joined other countries in placing sanctions on Russia and is to scrutinize exports to the country in accordance with the 1996 Wassenaar Arrangement.
Photo courtesy of the Executive Yuan via CNA
Taiwan Semiconductor Manufacturing Co has suspended exports of chips to Russia.
During the meeting, government officials addressed whether the sanctions locally and abroad could disrupt Taiwan’s financial market and supply of raw materials, Executive Yuan spokesman Lo Ping-cheng (羅秉成) said in a statement.
Russia is not Taiwan’s main energy and food supplier, and the bilateral trade volume between the two nations is not large, Lo said, citing information from the Ministry of Economic Affairs and Council of Agriculture.
“The nation in the short term will have no trouble with food and energy supplies, as reserves are sufficient,” Lo said. “We will monitor if global sanctions against Russia could in the longer term disrupt global supply chains, or whether they could lead to fluctuations of global energy and food prices.”
The Financial Supervisory Commission said that Taiwanese banks traditionally wire funds to Russia through the SWIFT network. While funds can continue to be transferred to Russian banks not in the SWIFT network, payments to and from Taiwanese companies could still be affected, it said.
Su told officials attending the meeting that Taiwan has joined other countries in condemning Russia’s invasion of Ukraine and issuing sanctions, Lo said, adding that the nation is ready to offer humanitarian aid to Ukraine.
“The premier asked all departments to understand how different sanctions might affect financial institutions and restrict exports,” Lo said. “They must also monitor whether sanctions might affect Taiwanese companies. If their interests are hurt by Taiwanese sanctions, the government should offer them assistance.”
Officials were told to be on alert for disinformation spread by hostile foreign forces, as it could damage civilian morale and disrupt social order, Lo said, adding that agencies should identify disinformation and offer timely clarifications.
Meanwhile, Council of Agriculture Minister Chen Chi-chung (陳吉仲) said during a trip to Taichung that the council is to expand corn planting areas to 30,000 hectares to raise domestic production.
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