EU Lifts Sanctions on Korean Russian LNG Imports

The European Union has exempted Korea from sanctions on Russian liquefied natural gas (LNG) imports, easing concerns over disruptions to supplies.

Under a long-term contract signed with the Sakhalin II LNG project in 2008, the Korea Gas Corporation imports 1.5 million tons of LNG annually. However, earlier EU sanctions package threatened to block these imports due to restrictions on services related to Russian LNG exported to third countries.

The Ministry of Trade, Industry and Energy said discussions between Korea and the EU at a recent summit made significant progress in securing an exception for Korean imports. The new rule excludes cases where LNG produced at Sakhalin II is transported to Korea and Japan until March 31, 2028, when the contract ends.

This exemption will allow Korea to import about 2 million tons of LNG during the remaining contract period, a significant relief for the country's energy needs. The Ministry plans to use this exception in negotiations with the United Kingdom to resolve related risks swiftly.