New Delhi, Aug. 7 -- South Korea's trade ministry formally requested a British exemption from London's incoming restrictions on Russian liquefied natural gas Wednesday, as Seoul moved to protect a long-term energy supply contract that runs nearly two years past the measures' effective date.

sectors where Britain holds substantial market influence through its shipping industry and the Lloyd's of London insurance market.

Korea Gas Corp, the state energy company at the center of Seoul's concern, holds a supply contract for Sakhalin-2 gas through March 2028. That timeline puts the contract squarely inside the period governed by the British restrictions. Without an exemption, the contract becomes operationally difficult regardless of whether...