South Korea confirms easing of US sanctions on Russian oil

South Korea has announced that it has received approval to import certain energy products from Russia due to a relaxation of US sanctions. This comes as the global fuel crisis worsens. Yang Gi-uk, an official from the Ministry of Trade, Industry, and Resources, stated, “The US has previously indicated a temporary easing of sanctions on Russian crude oil and petroleum products.” However, he noted that the South Korean government spoke with Washington to “verify specific details” because there were still uncertainties and concerns surrounding the new measures. Yang mentioned on Wednesday that South Korea is permitted to purchase Russian energy products as long as payments are made “in currencies other than the US dollar.” Additionally, there will be no secondary sanctions applied. The Trump administration is exploring various options to control oil prices while facing challenges, including easing sanctions on hundreds of millions of barrels of Russian oil earlier this month.