Russia: "Korea Will Face Serious Negative Consequences If It Joins Oil Price Cap"

[Image source=Reuters Yonhap News]

A senior Russian Foreign Ministry official warned on the 7th (local time) that if South Korea joins the US-led price cap on Russian crude oil, it will face serious negative consequences.

Georgy Zinoviev, Director of the First Asian Department of the Russian Foreign Ministry, responsible for South and North Korea, China, and Mongolia, stated in an interview with the state-run Sputnik news agency that "if the South Korean government participates in such a plan, it will lead to serious negative consequences for the South Korean economy."

He said, "Russia will not supply crude oil at a loss. As a result, South Korean partners will have to buy crude oil at higher prices," emphasizing, "We hope Seoul understands this and does not create unnecessary problems for itself."

Russia has designated South Korea as an unfriendly country for joining sanctions against Russia. He warned, "At this stage, the financial measures taken against South Korea for its unfriendly actions towards Russia are sufficient and proportional," adding, "If South Korea further escalates tensions, we will strengthen the measures."

However, he assessed that the current state of South Korea-Russia relations is not the worst, saying, "We believe that both in South Korea and Russia, there is a willingness to avoid developments based on negative scenarios and to minimize damages caused by sanctions imposed by the United States."