South Korea confirms easing of US sanctions on Russian oil

South Korea confirmed it has been granted permission to import certain Russian energy products under the US’ relaxing of sanctions, following some conditions, as the global fuel crisis grows.

“The US previously announced a temporary relaxation concerning Russian crude oil and petroleum product sanctions,” said Yang Gi-uk, an official at the Ministry of Trade, Industry, and Resources.

However, Yang added, the Seoul government consulted Washington to “confirm specific details” because there remained uncertainties and concerns about the measure.

Those talks confirmed that South Korea can buy Russian energy products as long as they are paid “in currencies other than US dollar,” Yang said on Wednesday. Secondary sanctions will not be applied.

The Trump administration is trying to find any lever it can pull to keep oil prices in check while it wages its war – including desanctioning hundreds of millions of barrels of Russian oil earlier this month.

Source: CNN

- Agencies