Trade Chief Asks UK to Ease Russian LNG Sanctions and New Steel Measures

Park Jung-sung, Minister for Trade at the Ministry of Trade, Industry and Energy, requested cooperation from the UK today (the 11th) to ensure smooth imports of Russian liquefied natural gas (LNG) and steel exports to the UK.

The Ministry of Trade, Industry and Energy stated that Minister Park held a video conference with Jonathan Reynolds, the UK Secretary of State for Business and Trade, exchanging congratulations on each other's inauguration and discussing key bilateral issues.

Regarding the UK's decision to ban maritime and insurance services for Russian LNG starting in January next year, Minister Park conveyed concerns that it could impact South Korea's energy security.

Korea Gas Corporation has a long-term contract to import LNG produced from the Sakhalin-2 project in Russia until March 2028, and if British reinsurers discontinue the insurance services they previously provided, disruptions could occur in domestic LNG transportation.

Mentioning that the European Union, which implemented a similar measure, decided to grant an exception for South Korea's LNG imports from the Sakhalin project, Minister Park requested that the UK also consider sanction exemptions for existing contracted volumes.

Minister Park further expressed concerns over the UK's implementation of new steel measures tightening regulations on imported steel products, urging improvements to ensure that South Korean steel's market access is not restricted.

Both sides agreed to closely cooperate for the prompt signing and entry into force of the South Korea-UK FTA improvement agreement concluded in December last year, and to continue communication to expand cooperation and resolve trade issues amidst uncertainties in the trade environment.

(Photo: Yonhap News)
※ Please note: This article was translated by AI and may contain errors.