Government to "Continuously Monitor Energy Market Situation" Amid Ukraine Invasion

[Image source=Yonhap News]

[Asia Economy Sejong=Reporter Dongwoo Lee] On the 24th, the government stated regarding Russia's invasion of Ukraine, "We are continuously monitoring the domestic and international energy market situation in response to the rapidly unfolding Ukraine crisis."

The Ministry of Trade, Industry and Energy, together with the Ministry of Foreign Affairs, released a joint press statement saying, "We are making every effort to ensure stable economic activities for the public and businesses."

The government emphasized, "South Korea currently has secured sufficient quantities in the energy sector, including crude oil and natural gas, to meet domestic demand," and added, "We will continue to maintain a stable supply and demand situation."

It also added, "Our government is strengthening cooperation systems with key allies, including the United States, to ensure that international sanctions against Russia do not negatively impact the domestic energy market."

Finally, it stated, "If international cooperation is needed to stabilize the energy market, we will respond appropriately in collaboration with the International Energy Agency (IEA) and major countries."

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