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South Korea considers importing Russian oil to cope with the Hormuz supply disruption crisis

South Korea considers importing Russian oil to cope with the Hormuz supply disruption crisis

汇通财经汇通财经2026/03/18 23:28
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1. According to Yonhap News Agency, due to the prolonged blockade of the Strait of Hormuz causing an energy supply crisis, the South Korean government and refining companies are considering importing Russian crude oil and naphtha. Against the backdrop of the United States temporarily relaxing sanctions on Russian energy, the Ministry of Industry of South Korea is evaluating this option.2. The last time South Korea imported Russian oil was in April 2022; since then, South Korea has stopped importing Russian oil and joined the ranks of countries sanctioning Russia. About 70% of South Korea's imported oil must pass through the Strait of Hormuz, and the ongoing blockade is forcing Seoul to reassess its energy procurement strategy.3. This move marks a significant shift in South Korea's energy policy. If ultimately implemented, South Korea will join countries such as India in taking advantage of the U.S. sanctions exemption window to purchase crude oil from Russia to fill the supply gap from the Middle East.
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