EU Exempts S Korea from Russian LNG Sanctions Through March 2028

The European Union has exempted South Korea from sanctions on Russian liquefied natural gas (LNG) imports through March 2028. The decision, made as part of the EU's 21st package of sanctions against Russia, comes after President Lee Jae Myung personally explained the need for an exemption to EU leaders at a summit in June.

The Sakhalin II project is a major source of LNG for South Korea, with Korea Gas Corporation holding a long-term contract that has been importing about 1.5 million tons annually under the deal since April 2008.

President Lee welcomed the decision, saying it would be 'a great help to people's daily lives and our economy' at a time when uncertainty in energy supply is growing.