EU Exempts Sanctions on Russian LNG Exports to Korea... Lee: "Significant Benefit to Economy"

President Lee Welcomes EU Exemption on Social Media
Import of LNG from Russian Sakhalin II Project

President Jaemyung Lee welcomed the European Union’s recent exemption of sanctions, allowing the import of liquefied natural gas (LNG) from the Russian Sakhalin II project into Korea.

President Jaemyung Lee. Photo by Yonhap News Agency

Currently on a tour of the United States and South America, President Lee stated on X (formerly Twitter) on the 25th, "I received the welcome news that, in relation to EU’s sanctions on Russian LNG, our companies have been recognized as exceptions to the sanctions list," and added, "In a situation where energy supply and demand uncertainties are rising, I expect this will provide significant benefits to the daily lives of our people and to our economy."

On the 23rd (local time), the EU adopted its 21st sanctions package against Russia, and included an exemption allowing Korea to import LNG produced from the Russian Sakhalin II project until March 2028.

The government views this development as tangible progress following discussions on the import of Russian LNG during the Korea-EU summit held in Brussels, Belgium last month on the 10th.

The government had previously requested that the EU grant an exemption to the related sanctions, as Korea Gas Corporation signed a long-term contract to import 1.5 million tons of LNG annually from the Russian Sakhalin II project from April 2008 through March 2028, thus ensuring no disruption to the LNG supply.

This content was produced with the assistance of AI translation services.