[Asia Economy Reporter Changhwan Lee] According to the U.S.-based North Korea specialist media '38 North' on the 16th (local time), North Korea is likely to benefit by importing Russian crude oil at a low price following Russia's invasion of Ukraine.
38 North explained that the most important and practically beneficial area for North Korea under the current situation is the economy. It analyzed that North Korea can purchase Russian crude oil cheaply, which has been blocked from export due to Western sanctions.
This means that North Korea, which is heavily sanctioned by the international community, has little to lose even if it imports Russian crude oil.
38 North also assessed that Russia might not comply with the UN Security Council (UNSC) sanctions against North Korea, which were led by the United States.
The annual refined oil import limit for North Korea under UNSC sanctions is 500,000 barrels, but Russia could supply a larger quantity.
38 North forecasted that if North Korea resumes importing Russian crude oil to pre-sanction levels, it could have a stimulating effect on the North Korean economy. Increased crude oil imports could lead to higher production of fertilizers, fuels, and refined products, which in turn could boost agricultural and industrial output.
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