South Korean exports to Russia of motor lubricants that can be used in tanks, armoured cars and other military vehicles more than doubled last year, as Korean companies took advantage of their western competitors’ retreat from the market following Vladimir Putin’s invasion of Ukraine.
Motor lubricant exports from South Korea to Russia increased 116.7 per cent in 2022 to $229mn, according to Korean government statistics. The surge came after western oil majors including Total, Shell and BP voluntarily scaled back their Russian operations, including sales of lubrication oils used in vehicle transmissions and engines, following the outset of the war.
Russian import data shows that SK Enmove, a subsidiary of South Korean conglomerate SK Group, and GS Caltex, a joint venture between South Korea’s GS Group and US energy giant Chevron, were the two main Korean beneficiaries of the western companies’ exits.