Reuters was first to report that after hitting statutory limits on import-export lending, South Korea is gathering local banks to help Poland buy $22 billion worth of weapons in Seoul’s largest arms sale.
South Korea lining up banks to help finance $22 billion arms sale to Poland
South Korea’s defence exports totalled about $17 billion in 2022, according to its defence ministry, up from $7.25 billion a year before, as the war in Ukraine opened a door for Seoul’s weapons exports. The 2022 arms deal with Poland established Seoul as a major player in global weapons exports, largely dominated by the U.S. and Russia. Seoul is also seeking deeper security ties in Europe, an ambition with ideal timing for Poland, which borders Ukraine, as it ramps up arms imports amid tensions with Russia.