South Korea considers importing Russian oil, naphtha, Industry Ministry says

South Korea's government is discussing with companies the possibility of importing Russian crude oil and naphtha, Seoul's Industry Ministry said, as authorities struggle to safeguard energy supplies amid the escalating conflict in the Middle East.



The issue is related to the easing of economic sanctions on Russia, the ministry said in a text message.



South Korea has stopped imports of Russian crude oil since December 2022 following Moscow's invasion of Ukraine, according to data from the Korea National Oil Corporation.



Russian crude oil accounted for 5.6% of South Korea's shipments in 2021, a report from the state-run think tank Korea Institute for International Economic Policy said.



The country's energy exposure to the Middle East has increased because of the conflict in Ukraine, the report said.



South Korea imports around 70% of crude oil and half of naphtha through the Strait of Hormuz, according to South Korean lawmakers and the industry ministry.