China Underground > China Finance > Taiwan will join ‘democratic countries’ in imposing sanctions on Russia

Taiwan will join ‘democratic countries’ in imposing sanctions on Russia

Taiwan’s government announced on Friday that the nation will join “democratic countries” in imposing sanctions on Russia over the invasion of Ukraine, with TSMC, the world’s largest contract chipmaker, pledging to follow all export control requirements.

Taiwan’s goods do not have a large market in Russia. According to government figures, Taiwan’s trade with Ukraine and Russia accounted for less than 1% of the country’s total.

Taiwan’s natural gas contract with Russia is set to expire in March, and the island will diversify its supply, according to the economy ministry.

“We very harshly condemn such an act of invasion and will join democratic countries to jointly impose sanctions,” Premier Su Tseng-chang told reporters in Taipei.

Taiwan, which China claims as its territory and has seen heightened military pressure from Beijing in recent years, is keeping a careful eye on the problem.

When asked about the sanctions, Taiwan Semiconductor Manufacturing Co Ltd (TSMC), a major Apple Inc (AAPL.O) supplier and Asia’s most valuable publicly traded business said it will adhere to export control regulations.

“TSMC complies with all applicable laws and regulations and is fully committed to complying with the new export control rules announced. The company also has a rigorous export control system in place, including a robust assessment and review process to ensure export control restrictions are followed,” TSMC said in a statement.

Taiwanese Economy Minister Wang Mei-hua said the island will “closely monitor” shipments to Russia and “discuss” further moves with unnamed allies. She also didn’t go into detail.

The island, which is critical to the global semiconductor supply chain, will “work closely with the United States and other like-minded countries to adopt appropriate steps in order to free Ukraine from the horrors of war,” according to the foreign ministry.

At an event in the southern city of Tainan, Taiwan President Tsai Ing-wen emphasized that the situations in Taiwan and Ukraine were not the same and that the Taiwan Strait served as a “natural barrier.”

 

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The Taiwan military’s ongoing increase in fighting strength, as well as “friendly and allied countries” great attention to the region, provide strong confidence in sustaining stability, she noted.

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