South Korea says US cleared non‑dollar payments for Russian naphtha

ReutersMar 26, 2026 9:55 AM

SEOUL, March 26 (Reuters) - South Korea has confirmed with the U.S. that it can pay for Russian oil products, including naphtha, in currencies other than the dollar without facing secondary sanctions, Yang Ki-wook, director general of the Office of Industry, Trade and Resource Security at the trade ministry, said late on Wednesday.

The clarification removes a key hurdle to imports after Washington temporarily eased enforcement to curb global oil price spikes amid the Iran war, allowing Korean firms to more actively consider Russian naphtha purchases.

President Lee Jae Myung earlier visited a strategic oil reserve facility and urged state energy officials to ensure there are no gaps in energy security under any circumstances, the presidential Blue House said.

LG Chem 051910.KS CEO Kim Dong-chun thanked the government on Thursday for supporting the purchase and payment of Russian naphtha and called for a national stockpiling system to stabilise supplies during emergencies, the Blue House said.

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