United Kingdom Grants Korea an Exemption for Russian LNG Imports

[Financial News] The United Kingdom has exempted Korea from sanctions related to imports of liquefied natural gas (LNG) from Russia, The Wall Street Journal (WSJ) reported on the 1st local time.
The United Kingdom issued a temporary exemption license allowing British companies to participate in the importation of LNG from Russia's Sakhalin-2 project by Korea and Japan. The license is valid through March 31, 2028, and applies strictly only to existing import contracts.
The United Kingdom had previously decided, in line with the European Union, to impose a complete ban starting next January on British companies providing transportation, insurance, and other related services for Russian LNG.
In response, the Korean government had requested an exemption from the sanctions, citing the possibility that Korea Gas Corporation (KOGAS) could face disruptions in importing LNG from the Sakhalin-2 project under contracts running through March 2028.
Meanwhile, the European Union also added an exemption clause to its 21st package of sanctions against Russia, adopted in July, thereby exempting Korea and Japan from sanctions related to imports of Russian LNG.


[email protected] Yoon Jae-jun Reporter