Seoul explores limited options under sanctions framework as supply concerns shift from price to availability
South Korea is discussing with companies the possibility of importing Russian crude oil and naphtha, the industry ministry reportedly told local media outlets, as authorities seek to safeguard energy supplies amid escalating conflict in the Middle East.
The discussions are linked to evolving sanctions conditions on Russian energy, the ministry indicated. South Korea halted imports of Russian crude in Dec. 2022 following Moscow’s invasion of Ukraine. Russian oil accounted for 5.6% of the country’s crude imports in 2021. Seoul remains heavily exposed to Middle Eastern supply routes, with around 70% of its crude oil and roughly half of its naphtha imports passing through the Strait of Hormuz.
South Korea is discussing with companies the possibility of importing Russian crude oil and naphtha, the industry ministry reportedly told local media outlets, as authorities seek to safeguard energy supplies amid escalating conflict in the Middle East.
The discussions are linked to evolving sanctions conditions on Russian energy, the ministry indicated. South Korea halted imports of Russian crude in Dec. 2022 following Moscow’s invasion of Ukraine. Russian oil accounted for 5.6% of the country’s crude imports in 2021. Seoul remains heavily exposed to Middle Eastern supply routes, with around 70% of its crude oil and roughly half of its naphtha imports passing through the Strait of Hormuz.
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