Russian Foreign Ministry insists South Korea’s participation will have critical negative effects for the Korean economy
Because past yr, 5-6% of Russian electrical power imports … Right after Might of this calendar year, about 1%
The fat is insignificant, so the direct strike is weak … Cost increase unavoidable thanks to increasing world-wide offer and desire lack
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Vladivostok, Russia (AP) – On the 7th (neighborhood time), Russian President Vladimir Putin speaks at the plenary session of the Japanese Economic Forum (EEF) in Vladivostok, in the Primorsky province. 2022.09.07 [email protected]
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(Seoul = Yonhap Information) Reporter Sang-don Park, Ki-hoon Kim, Da-hye Kim = Russia has introduced that it will not export strength to international locations collaborating in the introduction of the cap imposed by the United States on the price tag of domestic crude oil, elevating fears that the current large oil value scenario, which is nevertheless serious, could worsen
In individual, the effects on the domestic field is also noteworthy as the Russian Overseas Ministry even warns that if Korea participates there will be “major outcomes for the Korean overall economy”.
The marketplace thinks that even if Korea’s participation coverage is confirmed, the immediate affect will not be sizeable as the percentage of strength imports from Russia is insignificant.
According to overseas media on the 7th, Russian President Vladimir Putin introduced at the 7th Jap Financial Forum held in Vladivostok that he would not export crude oil and gas to international locations that are collaborating in the introduction of the domestic crude selling price cap.
In an job interview with the state information agency Sputnik on the identical day, Georgi Zinoviev, director of the 1st Point out Workplace of the Russian Overseas Ministry in charge of South and North Korea, China, Mongolia, etc. “If the Korean government participates in these a strategy, it will direct to severe unfavorable implications for the Korean financial system,” he stated.
The crude oil price cap is a program to limit Russia’s income by jointly managing the price of Russian oil by main oil-shopping for international locations.
The United States is leading the way and the finance ministers of the seven significant international locations (G7) have made a decision to introduce the method on 2.
Korea is also most likely to take part.
Deputy Key Minister and Minister of Technique and Finance Choo Kyung-ho beforehand described externally that he would sign up for the system of crude oil rate caps when US Treasury Secretary Janet Yellen visited Korea in July.
The govt is said to be ready to sign up for the G7 by the time the price tag cap process for Russian crude will be executed from December.
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If Korea joins the introduction of the oil cost ceiling technique and President Putin’s remarks turn into truth, the supply of Russian oil and gas will inevitably be minimize off.
Having said that, the govt and the oil refining business clarify that the percentage of Russian vitality released into Korea is tiny and the direct impact is not major.
An official from the Ministry of Trade, Business and Strength explained: “Dependent on previous calendar year, Russian imports represented 5 to 6% of total gas imports. We are intently checking the pattern,” he stated. .
As for crude oil, he extra, “The share of oil imported from Russia proceeds to lower and the quantity is not large, so there will be no impression on source and demand from customers.”
In accordance to the Korea Petroleum Association, in July of this 12 months, crude oil from the Middle East accounted for the highest share of crude oil imported from domestic refineries with 72.7%.
The share of Russian crude oil was only 1.04%. The share of Russian goods, which arrived at 5.5% in January, started off to decrease immediately after the invasion of Ukraine and dropped to all-around 1.% just after Might.
As a final result, even if the Russian strength source is slash off, the actual effects on Korea is not predicted to be considerable.
Of system, if Russia proficiently bans all electricity exports to nations around the world taking part in the cost cap system for domestic crude oil, there is a higher risk of fueling a rise in in general power price ranges these types of as oil and gas.
An oil refining industry official claimed: “The direct effect of Russia’s retaliatory actions on Korea will be restricted.”
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