Samsung, SK Group among Korean companies announcing help for Ukraine

SEOUL, March 7 (UPI) -- South Korean corporations including Samsung Electronics and SK Group have joined the global efforts in supporting Ukraine amid an invasion of Russian forces.

Samsung Electronics, the world's largest maker of smartphones and memory chips, announced Saturday that it would donate $6 million to assistance efforts for Ukrainian refugees.

"We are cooperating with international organizations to supply humanitarian relief to Ukrainian refugees. We decided to contribute $6 million to such organizations as the Ukrainian Red Cross Society," Samsung said in a statement.

Included in the donation is $1 million in consumer electronics products.

SK Group pledged Thursday to offer $1 million to help Ukrainian children impacted by the war. The Poland unit of SK IET, the group's affiliate, plans to deliver the money.

"Under our philosophy of seeking social values, we opted to take instant steps of providing humanitarian aid to children," SK's Social Value Committee chief Lee Hyung-hee said in a statement.

South Korean Internet giant Kakao Group announced plans Friday to send $3.5 million worth of its cryptocurrency KLAY to Ukrainians.

Hyundai Motor, South Korea's largest automaker, has not announced support for Ukraine. Russia is one of its major export destinations.

According to the Korea Investors Service, Hyundai Motor and its sister company Kia made up 22.7% of the Russian automotive market last year, following Renault-Nissan's 33.8% share.

"Russia is a very important market for Hyundai. It also has a factory in St. Petersburg with an annual capacity of more than 200,000 cars," business tracker Leaders Index CEO Park Ju-gun told UPI News Korea. "Therefore, it would be very difficult for Hyundai to help Ukraine."