Energy crisis forces South Korea to reassess Russian oil imports

South Korea is considering resuming oil imports from Russia as it looks for ways to stabilise energy supplies amid ongoing global disruptions, according to foreign media reports.

Seoul halted purchases of Russian crude at the end of 2022 following Russia’s invasion of Ukraine. However, the country is now openly discussing the possibility of easing sanctions in order to maintain stable supply levels.

The issue has become more urgent due to South Korea’s heavy dependence on Middle Eastern routes, with around 70% of its crude oil imports passing through the Strait of Hormuz, a key chokepoint affected by the current conflict.

In response, the government has held a series of emergency meetings to assess the situation and explore possible measures.

Among the options under consideration are imposing price controls on oil refiners — for the first time since the 1997 Asian financial crisis — as well as introducing a potential fuel rationing system for vehicles.

By Tamilla Hasanova