Middle East conflict
South Korea to restrict naphtha exports starting Friday
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South Korea will restrict naphtha exports starting Friday due to supply shortages from the Middle East conflict. The measure follows U.S. and Israeli airstrikes on Iran that have effectively closed the Strait of Hormuz. The government plans support including expanded low-interest loans for domestic firms.
Iran has delivered a 14-point response to a U.S. proposal aimed at ending the conflict that started with U.S. and Israeli attacks on February 28. The response demands resolution within 30 days and includes calls for sanctions relief and U.S. force withdrawals. President Trump stated he is reviewing the document.
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The United States warned shipping companies they could face sanctions for payments to Iran to pass through the Strait of Hormuz. The alert heightens pressure amid the US-Iran standoff over control of the vital waterway. South Korea's foreign minister urged safe navigation in a call with his Iranian counterpart.
As heightened conflict in the Middle East disrupts global shipping, China and Russia are considering deeper logistics cooperation, including increased use of the Arctic shipping route, to secure a more resilient supply chain. The topics were covered at the inaugural China-Russia Logistics Business Forum.
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The Swedish government has chartered a plane from Dubai to bring home 180 vulnerable Swedes stranded in the Middle East due to the conflict. Travelers must pay via Swish immediately to secure seats, drawing criticism as a class issue. One of them, Benjamin, has Swished over 50,000 kronor without confirmation yet.