Seoul: South Korea's trade minister has approached his British counterpart to seek an exemption for South Korean imports of Russian liquefied natural gas (LNG) from anticipated British sanctions, highlighting concerns over energy security, according to the industry ministry.

According to Yonhap News Agency, Trade Minister Park Jung-sung made this request during a video call with Britain's Business Secretary Jonathan Reynolds. The Ministry of Trade, Industry and Resources revealed in a press release the potential impact of Britain's plan to prohibit maritime transport, insurance, and related services for Russian LNG from January 2027. Park expressed that such measures could jeopardize South Korea's energy security and destabilize its LNG supply.

The ministry noted that without an exemption, the sanctions might disrupt imports by Korea Gas Corp. (KOGAS), which holds a long-term contract to purchase LNG from the Sakhalin-II oil and gas project in Russia until March 2028. There is also a risk of shipment disturbances if British insurers cease providing reinsurance and other contract-related services.

The European Union, having implemented similar sanctions, agreed in July to exempt LNG shipments from Sakhalin-II to South Korea and Japan. Park urged for similar consultations with Britain, advocating for an exemption akin to that of the EU.

Additionally, Park addressed the issue of South Korean steel product imports, asking Britain to allocate an adequate import quota after recent tightening of safeguard measures on steel imports by London. As of July 1, Britain has nearly halved steel import quotas and imposed a 50 percent tariff on shipments surpassing the limit. Although South Korea's duty-free quota increased to 173,000 tons from 93,000 tons, the number of steel product categories covered by the quota expanded from four to nine, effectively tightening the restrictions.