Trade association to hold 1st seminar on Russian market after war

A poster of Korea International Trade Association's (KITA) 2026 Russian market entry seminar / Captured from KITA website

The Korea International Trade Association (KITA) will hold a seminar on trade with Russia for the first time since 2022 due to the country's war on Ukraine, in an apparent move to help domestic companies prepare for postwar shifts in resource procurement and supply chains.

According to KITA on Wednesday, it will host the 2026 Russian market entry seminar on April 23, jointly with the Korea-Russia Dialogue, a private organization registered with the Ministry of Foreign Affairs, at its headquarters in southern Seoul.

The event will feature expert presentations on geopolitical developments, including military tensions in the Middle East, prospects for a new order amid Russia-Ukraine ceasefire talks, the crisis in the Strait of Hormuz and strategies for advancing into Arctic shipping routes.

Participating experts will include former ambassadors and other diplomats, most of whom are based in Korea. A KITA official said approximately 70 companies have applied for the event so far, and around 100 companies are expected to attend the event.

“There is no specific reason for hosting the event, but we felt the need to prepare for the future given the importance of trade with Russia and ongoing negotiations to end the war,” the official said.

“By bringing together experts, we hope to offer insights into the current situation in Russia, as well as the implications of the Hormuz Strait crisis and the development of Arctic shipping routes for trade with Russia.”

It will be the first trade seminar hosted by KITA since November 2020, the year marking the 30th anniversary of diplomatic ties between Korea and Russia, when a series of business forums and seminars were held by the government and related organizations.

However, as the COVID-19 pandemic dragged on and Russia began its full-fledged invasion of Ukraine in 2022, many of Korea’s official exchanges were suspended, while private companies also scaled back their Russian operations, maintaining only minimal functions.

The event is expected to explore changes in the Russian market and assess the business environment for Korean companies, while leveraging a potential resumption of trade with Russia to mitigate risks stemming from ongoing conflicts in the Middle East.

Since the outbreak of the Middle East conflict in late February, discussions over the potential resumption of Russian crude imports have begun to draw attention in Korea.

Because Korea’s reliance on Middle Eastern crude stood at 69.1 percent in 2025, disruptions in the Strait of Hormuz have been driving up the country’s fuel prices. Attacks on energy facilities in the region and restrictions on oil flows have created a major supply shock, making a swift recovery uncertain even if the conflicts ease in the near future.

To address the situation, the Korean government and local refiners have reportedly reviewed the possibility of importing Russian crude, following a temporary easing of U.S. sanctions on Russian energy. Korea has also recently imported naphtha from Russia to address supply instability.

Korea’s imports of Russian crude peaked at $5.85 billion in 2018, but have been suspended since 2023.

“Russia has strong crude production and export capacity, and Russian crude is relatively cost-competitive in terms of price and logistics, with the potential to replace Middle Eastern crude in domestic refining facilities,” the Korea Institute for International Economic Policy said in an April 13 report.

“As importing Russian crude would be a conditional option only when the U.S. eases or lifts sanctions, it is necessary to establish a system that allows for a swift response.”

Participants attend a seminar on Arctic routes hosted by Rep. Chung Il-young, second from left, of the ruling Democratic Party of Korea at the National Assembly in Seoul, March 6. Yonhap

Arctic shipping routes are also expected to be discussed as part of efforts to expand trade with Russia.

The Lee Jae Myung administration is pursuing the development of Arctic shipping routes as a key national priority. Compared with the Hormuz Strait, which is oftentimes mired in uncertainty during geopolitical crises, routes passing through Russian territorial waters could offer relatively lower shipping costs than other routes.

The Ministry of Oceans and Fisheries plans to invite bids from shipping companies for a pilot Arctic route operation in August or September this year.