Energy Transition & Power Demand▼
South Korea Asks UK to Exempt Russian LNG from Sanctions
South Korea has asked the United Kingdom to exempt imports of Russian liquefied natural gas from sanctions, citing energy security. South Korea's Trade Minister Yeo Han-koo discussed the matter with the UK's new Trade Minister Anas Sarwar via video link on Thursday, August 6, noting that the UK's plan to ban shipping services, insurance, and related services for Russian LNG from January 2027 could affect the stability of South Korea's LNG supply. South Korea's Ministry of Trade, Industry and Energy warned that the measure could impact LNG imports from the Sakhalin-2 project by Korea Gas Corporation, which has a long-term purchase contract until March 2028, and could disrupt shipments if UK insurers suspend reinsurance. The European Union agreed to a similar sanctions exemption for South Korea and Japan in July. The South Korean trade minister therefore called on the UK to hold close consultations and establish an exemption similar to the EU's.