SEOUL: The South Korean Ministry of Trade, Industry and Resources has confirmed that the republic’s company imported Russian naphtha (ligroi...
SEOUL: The South Korean Ministry of Trade, Industry and Resources has confirmed that the republic’s company imported Russian naphtha (ligroin) amid the temporary lifting of US sanctions, the News1 media outlet reported.
On March 30, a special committee of the ruling Toburo Democratic Party met to address the economic fallout from the US-Iran conflict. The ministry reported to lawmakers that a South Korean company had successfully imported Russian naphtha. "The authorities are considering proposals to ensure additional supplies," according to the report. Naphtha is used as a feedstock for the petrochemical industry.
South Korean Finance Minister Koo Yun-cheol said earlier that importing Russian petroleum products was only under consideration. The US lifted restrictions on Russian exports for a month, he said, adding that the matter is currently under consideration, and some consultations are underway. The US Department of the Treasury previously lifted sanctions on transactions to sell oil and petroleum products from Russia loaded onto vessels before March 12. A general license issued by the Office of Foreign Assets Control (OFAC) allows such transactions until April 11.
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