Seoul turned to partners in the Persian Gulf for security guarantees
The South Korean Finance Minister appealed to the ambassadors of the Gulf Cooperation Council countries to ensure uninterrupted supplies of oil, liquefied natural gas and other critical resources, as well as to guarantee the safety of Korean vessels near the Strait of Hormuz. This was reported by the Reuters news agency on April 5.
"The envoys stated that South Korea is a country with a 'top priority' and promised to maintain close communication with Seoul to ensure stable supplies," the agency quoted the message as saying.
South Korea is heavily dependent on energy imports, including through the Strait of Hormuz, which was a channel for 20% of global oil supplies before the start of the US-Israel war against Iran on February 28. Since Iran effectively blocked the strait, energy prices have been skyrocketing.
Experts believe that such a trend could lead to a global recession in the economies of dependent countries.
On April 2, an online service called "Beggar's Card" is gaining popularity in the Republic of Korea amid a sharp increase in inflation and food prices. According to journalists, the cost of meals has become a serious burden for residents of the country, especially for students. The price increase is due, among other things, to the geopolitical instability in the Middle East.
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