Seoul bans stockpiling of medical and petrochemical supplies
South Korean Prime Minister Kim Min-seok has called for a “strict crackdown on hoarding” after the government introduced new bans on stockpiling key medical supplies and petrochemical materials.
“I ask relevant ministries to strictly crack down on hoarding behaviour that disrupts the market order,” Kim said, according to Yonhap News Agency.
The measures cover items including syringes and needles, as well as raw materials such as ethylene, propylene and butadiene.
South Korea, which depends heavily on fuel imports passing through the Strait of Hormuz, faces supply concerns linked to tensions in the region.
A close US ally, Seoul has appointed an envoy to engage directly with Tehran, as President Lee Jae Myung has voiced criticism of Israel’s treatment of Palestinians.
South Korean Prime Minister Kim Min-seok arrives at the National Assembly Members' Hall in Seoul, South Korea, on 31 January 2026. Chris Jung via Reuters