U.S. clears non-dollar payments for Russian naphtha imports
South Korea says the U.S. cleared non-dollar payments for Russian naphtha imports. The move aims to secure energy supplies and curb rising global fuel prices.
The government of South Korea has confirmed with the United States that it can settle payments for oil products from Russia in currencies other than the dollar. This clarification, issued by the trade ministry late Wednesday, removes a significant hurdle for domestic companies seeking to import naphtha without the risk of secondary sanctions.
Yang Ki-wook, the director general of the Office of Industry, Trade and Resource Security, explained that the move follows a temporary easing of enforcement by Washington. This adjustment aims to stabilize global oil prices which have been volatile due to the conflict in Iran.
