In August, Russia imported 368,000 tonnes of oil products by sea, more than seven times the previous month and the highest monthly total since the full-scale invasion of Ukraine, according to Kpler data analysed by CREA. South Korea accounted for 112,000 tonnes, or 31%, of that amount, second only to India.
Loadings at South Korean ports began to surge in July, just as the country’s president, Lee Jae Myung, pledged $100m for Ukraine’s reconstruction at a Nato summit in Turkey.
A 2025 trade association survey found that nearly 80% of South Korean firms that had stopped exporting to Russia since the war began were open to resuming trade.
In March, as the war with Iran shut the strait of Hormuz, South Korea capped exports of certain fuels and imported Russian naphtha under a US sanctions waiver.
On 1 October, the UK temporarily exempted South Korea’s existing gas contracts from a ban on maritime services for Russian LNG that takes effect in January 2027.
2. How is this related to the sub
(1) Russia-Ukraine War: Korea cannot stop trading with Russia as it is a big market.
1 Comment
1. Summary
In August, Russia imported 368,000 tonnes of oil products by sea, more than seven times the previous month and the highest monthly total since the full-scale invasion of Ukraine, according to Kpler data analysed by CREA. South Korea accounted for 112,000 tonnes, or 31%, of that amount, second only to India.
Loadings at South Korean ports began to surge in July, just as the country’s president, Lee Jae Myung, pledged $100m for Ukraine’s reconstruction at a Nato summit in Turkey.
A 2025 trade association survey found that nearly 80% of South Korean firms that had stopped exporting to Russia since the war began were open to resuming trade.
In March, as the war with Iran shut the strait of Hormuz, South Korea capped exports of certain fuels and imported Russian naphtha under a US sanctions waiver.
On 1 October, the UK temporarily exempted South Korea’s existing gas contracts from a ban on maritime services for Russian LNG that takes effect in January 2027.
2. How is this related to the sub
(1) Russia-Ukraine War: Korea cannot stop trading with Russia as it is a big market.