Russia invests millions of dollars in oil exploration in North Korea

Russia plans to invest in oil exploration on North Korean shelf of the Sea of Japan

Next year, Russia intends to invest millions of dollars in the exploration of North Korea’s shelf for oil and gas. This move is aimed at overcoming the chronic shortage of energy resources in the country.

The Russian government plans to spend 890 million rubles in 2026 on assessing the “oil and gas potential of the deep-water basin” of the Sea of Japan on the DPRK’s shelf. This task was personally assigned by Vladimir Putin, said Russia’s First Deputy Finance Minister Irina Okladnikova. According to her, North Korea has already provided Russia with some necessary documents to launch joint hydrocarbon exploration.

The maritime exploration cooperation agreement was signed between Moscow and Pyongyang back in November 2023. The idea of searching for oil in North Korea is not new: attempts were made even during Soviet times, but without success. In the past, Soviet geologists did not find significant deposits on the Korean shelf of the Yellow Sea.

North Korea has been under UN sanctions for several decades, limiting the import of oil and petroleum products. This has led to serious energy crises in the country, characterized by a lack of fuel for industry, transport, and the military. In 2023-2024, Russia began supplying petroleum products to the DPRK, circumventing international restrictions.

The energy resource problems in North Korea are further underscored by the fact that the country has significantly reduced the supply of artillery shells to Russia, according to Ukraine’s Ministry of Defense. This decision is linked to the depletion of available reserves.