Imports of South Korean motor oils to Russia grew by 117% in 2022
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The volume of imports of South Korean motor oils to Russia amounted to $229 million in 2022, reports Financial Times with reference to the state statistics of South Korea. This is 116.7% more than in 2021.
As the newspaper notes, Korean manufacturers of motor oils have benefited from the withdrawal of Western companies from the Russian market after the start of a special military operation (SVO) in Ukraine in March 2022. The most active exporters were SK Enmove (a subsidiary of SK Group) and GS Caltex (a joint venture between the South Korean GS Group and the American Chevron). So, if in January 2022 the export of oils of these two companies to Russia amounted to $2.8 million, then after the start of the CBO, their sales volumes began to grow significantly, reaching a peak in March 2023 – $28 million. According to statistics, now SK Enmove ranks 6th, 5% of the Russian motor oil market, and GS Caltex – about 5%.
Unlike the US and the EU, South Korea has not imposed a ban on the export of motor oils to Russia. None of the Korean companies has been accused of violating international sanctions prohibiting the sale of motor oils.
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