The fluctuating dynamics of global oil markets, impacted by various geopolitical events, have cast a spotlight on South Korea’s energy trade with Russia. In light of this, a closer analysis of the shifts in this trade relationship becomes essential, particularly given the evolving international sanctions against Russia.

Before Feb. 2022, South Korea’s energy imports from Russia encompassed crude oil, light oils and preparations, liquified natural gas, anthracite and bituminous coal, uranium and wood pellets, totaling $13.2 billion. This figure accounted for less than 10% of South Korea’s overall energy imports, which reached $190 billion by the end of 2022, excluding wood pellets.