Russia plans to allocate nearly $10 million in 2026 for joint oil and gas exploration off the coast of North Korea, marking a new step in energy cooperation between the two heavily sanctioned states.
According to NK News, the initiative targets the deep-water basin of the Sea of Japan, where Moscow hopes to assist Pyongyang in addressing its chronic energy shortages.
As reported by NK News, Russia’s First Deputy Finance Minister Irina Okladnikova confirmed the funding plan during a recent budget committee meeting in the State Duma.
She stated that 890 million rubles (approximately $9.7 million) have been earmarked for offshore resource assessment near North Korea in 2026, following a direct request from Russian leader Vladimir Putin.
According to Okladnikova, the focus will be on evaluating the “prospects for oil and gas potential in the deep-water basin” along the North Korean continental shelf in the Sea of Japan.
The Russian ambassador to Pyongyang, Alexander Matsegora, previously said that North Korea had already provided a portion of the necessary documentation for launching the joint offshore research. The two countries signed a hydrocarbon exploration agreement in November 2023.
According to NK News, Russia’s Ministry of Natural Resources has stated it will be able to begin geological planning once it receives all required geophysical maps. Earlier Soviet attempts to discover oil in North Korean waters, particularly in the Yellow Sea, did not result in significant findings.
North Korea remains under strict United Nations sanctions, including a cap on petroleum imports set at 500,000 barrels annually. This limitation has contributed to long-standing fuel shortages impacting the country’s industrial output, transportation, and military operations.
Despite the embargo, NK News reports that Russia resumed deliveries of refined petroleum products to North Korea in 2023 and 2024, bypassing international restrictions.
The new joint exploration efforts could further cement energy ties between Moscow and Pyongyang, while potentially raising concerns among UN member states about the enforcement of sanctions.
Earlier, Russia began training North Korean geologists in uranium and mineral exploration, according to IRNITU. The two‑week program, organized with Urangeo, was described by North Korean diplomats as the first joint project in geology and resource development.
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