UK Asked to Exempt South Korean LNG Imports from Russian Sanctions

South Korea's Trade Minister Park Jung-sung has requested that the UK exempt imports of Russian liquefied natural gas (LNG) from upcoming sanctions, citing energy security concerns. In a video call with Britain's Business Secretary Jonathan Reynolds, Park argued that these measures could threaten South Korea's energy stability and disrupt LNG supply to state-run Korea Gas Corp.

According to the Ministry of Trade, Industry and Resources, shipments could be disrupted if British insurers stop providing reinsurance and other services related to the contract. The European Union has adopted similar sanctions but agreed in July to exempt LNG shipments from Sakhalin-II to South Korea and Japan, a move Park called for Britain to adopt.

Park also requested that London allocate an adequate import quota for South Korean steel products after tightening safeguard measures on steel imports. In July, Britain nearly halved steel import quotas and imposed a 50 percent tariff on shipments exceeding the limit.