The Sun Arrows tanker loads its cargo of liquefied natural gas from the Sakhalin-2 project at the Russian port of Prigorodnoye, in this October 2021 file photo. Russia warned Seoul on Wednesday that it would face seriously negative economic consequences if it joins the price cap on Russia's oil and gas. AP-Yonhap
By Kwon Mee-yoo
As Russia's President Vladimir Putin threatened to suspend energy supplies to countries participating in the G7's attempt to impose a price cap on Russia's oil and gas exports, Korea might be affected by this measure as well.
The G7 finance ministers agreed last week to impose a cap on the price of Russian oil as a way to pressure Russia in regard to funding its war against Ukraine.
During an economic forum in Vladivostok, Russia, Wednesday, Putin described the price cap on Russia's gas and oil as "stupid," adding that the measure would only lead to higher global prices and economic problems in Europe.
"We will not supply anything at all if it is contrary to our interests, in this case economic ... No gas, no oil, no coal, no fuel oil, nothing," Putin said.
As part of this move, a Russian government official mentioned possible retaliation against Korea in the case that Seoul joins the move to put a ceiling on Russian oil prices.
In July, when Korea's Finance Minister Choo Kyung-ho met his U.S. counterpart Janet Yellen, Korea showed its willingness to join the U.S.-led price cap on Russian oil.
Russia supplies up to about 5 percent of the crude oil imported to Korea and 6 percent of its natural gas.
Russian President Vladimir Putin gestures as he delivers a speech during a plenary session at the Eastern Economic Forum in Vladivostok, Wednesday. Putin said Moscow would cut off oil and gas supplies to the countries that join the move to put a cap on Russia's oil prices. AP-Yonhap
Georgy Zinoviev, head of the Russian foreign ministry's First Asia Department, warned that Korea joining the G7's price cap will bring "serious" economic consequences.
In an interview with Russia's state-affiliated media Sputnik, Wednesday, Zinoviev, who is in charge of relations with the two Koreas as well as China and Mongolia, said Moscow is aware of Washington trying to engage Seoul with "a buyer's cartel" on Russian oil.
He added that if South Korea joins this initiative, it will have a seriously negative effect on Korea's economy.
"Our country will not supply oil at the expense and as a result, the South Korean partners will buy oil not cheaper but more expensive and it (is) likely that it will be much more expensive. We hope that Seoul will understand and buy it (so) they do not create unnecessary problems for themselves," Zinoviev was quoted as saying.
Zinoviev said Russia will strengthen measures against Korea if the Korean side decides to join additional sanctions.
"We think Korea and Russia alike should avoid the worst scenario by the sanctions forced by the U.S. and minimize damage to practical cooperation between Russia and Korea for the last 30 years," Zinoviev said, noting that the new Korean ambassador to Russia, Chang Ho-jin, emphasized the need for more bilateral cooperation when he arrived in Moscow.
Zinoviev also said Moscow is ready to provide oil to North Korea, after it was stopped in 2020 due to the COVID-19 pandemic.
Zinoviev told Sputnik, "If the North Korean partners are ready to restore trade flows, we will resume supplies of oil and oil products in the appropriate volumes."
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