Korea Requests UK Sanctions Relief for Russian LNG Imports

Park Jung-sung, South Korea's Minister for Trade at the Ministry of Trade, Industry and Energy, recently requested cooperation from the UK to ensure smooth imports of Russian liquefied natural gas (LNG) and steel exports.

During a video conference with Jonathan Reynolds, the UK Secretary of State for Business and Trade, Park expressed concerns that the UK's decision to ban maritime and insurance services for Russian LNG starting in January next year could impact South Korea's energy security.

The Ministry of Trade, Industry and Energy stated that Korea Gas Corporation has a long-term contract to import LNG produced from the Sakhalin-2 project in Russia until March 2028. If British reinsurers discontinue the insurance services they previously provided, disruptions could occur in domestic LNG transportation.

Park mentioned that the European Union, which implemented a similar measure, decided to grant an exception for South Korea's LNG imports from the Sakhalin project, and requested that the UK also consider sanction exemptions for existing contracted volumes.