South Korea sets sights on Russian oil amid market uncertainty

South Korea’s Ministry of Trade, Industry, and Energy is in talks with relevant companies regarding imports of Russian crude and naphtha.

Seoul may ease sanctions on Russian energy resources to secure supply, TASS reports.

Earlier, a South Korean media outlet, cited by TASS, reported that the authorities and the country’s refining sector are considering importing Russian oil amid potential supply shortages.

Oil companies in South Korea are seeking to avoid disruptions caused by military conflicts in the Middle East. The last tanker that departed before the Strait of Hormuz closure is not expected to arrive until next week, creating urgent pressure on Seoul to secure alternative sources, according to the outlet.

By Jeyhun Aghazada