South Korea's aid to Ukraine

August 27, 2024

Since Russia's invasion of Ukraine in February 2022, South Korea has emerged as a steadfast supporter of Ukraine, offering a broad range of assistance that underscores its commitment to global peace, security, and humanitarianism.

While South Korea's support has been multifaceted-spanning financial aid, humanitarian assistance, economic cooperation, and reconstruction efforts-it has also been carefully calibrated to reflect its strategic interests and diplomatic priorities.

Financial and humanitarian aid

South Korea has pledged substantial financial aid to Ukraine, with commitments totaling US$394 million for 2024. This package includes KRW 130 billion (approximately US$98 million) for reconstruction, KRW 260 billion (approximately US$196 million) in humanitarian aid, and additional funds through international organizations. The aid aims to address immediate humanitarian needs and support long-term recovery and rebuilding efforts.

In addition to direct financial support, South Korea has doubled its contributions to NATO's Ukraine Trust Fund, pledging US$24 million for 2025. This fund focuses on healthcare and rehabilitation for injured Ukrainian soldiers, reflecting South Korea's dedication to alleviating the human toll of the war.

Economic and business initiatives

South Korea's support extends beyond immediate aid, encompassing economic and business collaboration aimed at bolstering Ukraine's resilience. The partnership between the United States Agency for International Development (USAID) and South Korea to support Ukrainian agriculture is a prime example. This initiative aims to enhance Ukraine's agricultural productivity and sustainability, which are crucial for the country's economic stability and food security.

Reconstruction and long-term development

Reconstruction efforts are a critical component of South Korea's support strategy. The aid package for 2024 includes significant funds earmarked for rebuilding infrastructure and restoring essential services. These efforts are designed to help Ukraine recover from the extensive damage caused by the war and lay the groundwork for future development.

South Korea's engagement with Ukraine also includes long-term economic development strategies. The Parliament of Ukraine recently ratified an agreement with South Korea, enabling Ukraine to receive US$2.1 billion in credits from the Korean Economic Development and Cooperation Fund (EDCF) for the period 2024-2029. This funding will initially be used to purchase equipment, with the possibility of obtaining loans for infrastructure reconstruction projects starting in 2025.

This financial support is expected to significantly aid Ukraine in rebuilding its infrastructure and restoring its production capabilities. The loans will be provided at low interest rates, facilitating long-term economic stability and development. For example, Ukrainian Railways plans to use about US$450M for the purchase of rolling stock.

Diplomatic and political support

South Korea's diplomatic engagement with Ukraine has been robust, with high-level meetings and pledges of continued support. During the recent NATO summit, South Korean President Yoon Suk Yeol emphasized the country's commitment to providing security support, humanitarian aid, and reconstruction assistance. This diplomatic backing reinforces South Korea's position as a key ally in the international effort to support Ukraine.

Balancing strategic interests

South Korea's approach to supporting Ukraine has been shaped by the need to balance its international commitments with its regional security concerns, particularly regarding its relations with Russia. While Seoul has refrained from directly supplying lethal military aid to Ukraine, it has allowed the indirect transfer of weapons through other nations. This nuanced stance reflects South Korea's strategic calculus, aiming to support Ukraine while managing its own security dynamics in Northeast Asia.

South Korea's support for Ukraine since the start of the war reflects its commitment to global peace and stability. Through financial aid, humanitarian assistance, economic initiatives, and reconstruction efforts, South Korea has demonstrated solidarity with Ukraine in its time of need. As the war continues, South Korea's multifaceted support will play a crucial role in helping Ukraine navigate the challenges ahead and rebuild for a more secure future.