South Korea asks UK for exemption from Russian LNG transport and insurance ban

South Korea has raised concerns over potential energy deficits resulting from British sanctions targeting Russian liquefied natural gas (LNG). The issue was discussed during a telephone conversation between Ye Han-gu, the trade negotiations coordinator for the South Korean Ministry of Trade, Industry and Energy, and British Trade Minister Anas Sarwar. According to information published on the official website of the South Korean ministry, Seoul views export restrictions on Russian gas imposed by the UK as a risk to the country's national energy security. Source: This article was adapted from an original Russian-language publication by Pravda. Ru.

South Korea has expressed concern regarding the United Kingdom's plan to implement a total ban on insurance and maritime transport for Russian liquefied natural gas (LNG) starting in January 2027. During a telephone conversation between Yeo Han-koo, trade negotiations curator at the Ministry of Trade, Industry and Energy of the Republic of Korea, and British Trade Minister Anas Sarwar, Seoul warned that these measures could compromise the country's energy security. The primary risk for Seoul centers on the Sakhalin-2 project. The state-owned Korea Gas Corporation (KOGAS) is bound by a long-term contract to purchase gas from the island until 2028. Because the transport of LNG from Russia to Asia relies on international insurance and tanker fleet operations, British restrictions could block logistics despite existing contracts. Parameter Details Supply Object LNG from Sakhalin-2 project KOGAS Contract Term Until 2028 UK Ban Effective Date January 2027 The South Korean side reminded London that the European Union has already reached a compromise. Under the EU's 21st sanctions package, an exception was made for Seoul, permitting financial and transport support for Sakhalin-2 supplies until 2028.

Korea's trade minister on Thursday asked his British counterpart to exempt Korea's imports of Russian liquefied natural gas (LNG) from Britain's upcoming sanctions, citing concerns over Seoul's energy security. Trade Minister Yeo Han-koo made the request during a video meeting with Britain's newly appointed Minister for Trade Anas Sarwar to discuss bilateral trade issues, the Ministry of Trade, Industry and Energy said in a press release. "Britain's plan to ban the provision of maritime transport, insurance and related services for Russian LNG starting in January 2027 could undermine Korea's energy security and the stability of its LNG supply," Yeo said. Without an exemption, the measure could disrupt imports of Russian LNG by the state-run Korea Gas Corp. (KOGAS), which has a long-term contract to purchase LNG from the Sakhalin-II oil and gas project off Russia's Pacific coast through March 2028, the ministry said. The ministry also warned that shipments could be disrupted if British insurers suspend reinsurance and other services related to the contract. The European Union (EU), which a