Amid growing concerns over rising energy prices and a possible supply chain disruption due to the Russia-Ukraine crisis, the government plans to secure supply substitutes from other countries and release reserves.

According to first vice energy minister Park Jin-kyu on Wednesday, the ministry will secure oil and coal from the U.S., the Middle East, Australia, South Africa and Colombia. It will bring in natural gas from Qatar, Australia and the U.S.

The government will also analyze the impact of U.S. sanctions on Russia and form a consultative body with businesses and banks, seeking ways to support adversely affected local exporters.

Meanwhile, first vice finance minister Lee Eog-weon, during an emergency task force meeting, assessed that the rising tensions surrounding Ukraine has not yet had a significant impact on the local economy.

The vice minister said the government continues to expand reserves of imports with heavy dependence on Russia and Ukraine, while it is expected that import routes for most of the items can be adjusted or their production can be localized.