South Korea imported Russian oil for the first time since the start of the Iran war
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South Korea has imported Russian oil products for the first time since the start of the Iran war. The countryʼs Ministry of Industry confirmed the import of 27,000 tons of oil from Russia.
Reuters reports this.
According to Jonhap, this oil was received by LG Chem Ltd, a leading chemical company in South Korea.
According to sources, the shipment of oil is expected to arrive in the country later that day, and will be sent to the Daesan Industrial Complex, a large petrochemical complex in South Chungcheong Province.
- South Korea has completely stopped importing Russian crude oil and petroleum products since December 2022, after the start of full-scale production in Ukraine.
- Overall, South Korea imports 45% of its oil, with 77% of imports coming from the Middle East. The escalation of the conflict in the Middle East has effectively halted tanker traffic through the Strait of Hormuz, through which about a fifth of the worldʼs oil exports pass. This has led to a sharp increase in gas and oil prices.
- To stabilize global markets, on March 13, the United States lifted sanctions on the purchase of Russian oil, which was stuck at sea, for 30 days.
Author: Veronika Dovhanyuk