Seoul: South Korea on Wednesday announced that it has 'no plans at this stage' to pay a toll to Iran to secure the release of its stranded ships from the Strait of Hormuz. 'At this stage, we have no plans to pay Iran any form of compensation or to take any action that would run counter to what the United States has stated,' Foreign Minister Cho Hyun told lawmakers in parliament.

According to Anadolu Agency, Cho revealed that Seoul has provided data on its ships to Iran, the US, and other Gulf nations. Additionally, presidential aide Kang Hoon-sik announced that South Korea has secured 273 million barrels of crude oil imports from four Middle Eastern countries by the year's end, following his recent visits to Oman, Saudi Arabia, Qatar, and Kazakhstan.

The situation arises as Iran maintains control over the Strait of Hormuz amid ongoing conflicts with the US and Israel, disrupting global energy supplies. In response, the US imposed a blockade on the strategic waterway earlier this week, with President Donald Trump stating that the action aims to pressure Tehran into negotiations. Despite this, a 14-day ceasefire has been in place since April 8.

Late last month, the Iranian ambassador in Seoul stated that South Korean ships could pass through the Strait of Hormuz but only after coordination with Tehran. As one of the world's most energy-dependent countries, Seoul spent approximately $144 billion in 2024 on energy purchases from the Middle East.

To mitigate the impact of the Middle East crisis, Seoul is actively seeking alternative supply routes. Special envoys have been dispatched to Algeria and Libya, with plans to send another to the Republic of Congo. In addition, President Lee Jae Myung's government is implementing an extra budget of $17.7 billion to cushion the economic blow from the conflict.

According to the country's Industry Ministry, the government will cover additional shipping costs incurred by crude importers when sourcing from regions outside the Middle East. The compensation is anticipated to reach 127.5 billion won ($86.6 million).