EU Exempts Korea From Russian LNG Sanctions, Boosting Economy

Korean President Lee Jae-myung welcomed the European Union's decision to exempt Korea from sanctions on Russian liquefied natural gas (LNG).

The EU adopted its 21st package of sanctions against Russia, which included an exemption provision allowing Korea to import LNG produced from Russia's Sakhalin-II project until March 2028.

Lee highlighted his efforts to communicate with EU leaders, saying he explained the need for an exception at a meeting last June and asked for their attention.

The government requested the EU apply an exemption to prevent disruptions to LNG supply due to a long-term contract between Korea Gas Corporation and Russia's Sakhalin-II project to bring in 1.5 million tons of LNG annually from April 2008 to March 2028.