A price cap on Russian oil agreed to by an international coalition seeking to curtail the country’s earnings is expected to have a limited impact on South Korea.

An official from the Korea Petroleum Association said on Monday that the cap supported by the European Union, Group of Seven nations and Australia is unlikely to have a direct impact on the South Korean market, with Russian oil accounting for only one percent of oil imports.

However, the official explained that a price cap could decrease Russian supply, indirectly impacting South Korea as global prices rise, adding that the change in prices may be mitigated if Russia illicitly sells oil using its so-called “shadow fleets” to evade sanctions.

Currently, South Korea imports the majority of its oil from Saudi Arabia, followed by the U.S.