South Korea Court Begins Review of Yoon Impeachment over Martial Law Attempt

 A worker carries a wreath sent by supporters for impeached South Korean President Yoon Suk Yeol to place outside the Constitutional Court in Seoul, South Korea, Monday, Dec. 16, 2024. (AP)
A worker carries a wreath sent by supporters for impeached South Korean President Yoon Suk Yeol to place outside the Constitutional Court in Seoul, South Korea, Monday, Dec. 16, 2024. (AP)
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South Korea Court Begins Review of Yoon Impeachment over Martial Law Attempt

 A worker carries a wreath sent by supporters for impeached South Korean President Yoon Suk Yeol to place outside the Constitutional Court in Seoul, South Korea, Monday, Dec. 16, 2024. (AP)
A worker carries a wreath sent by supporters for impeached South Korean President Yoon Suk Yeol to place outside the Constitutional Court in Seoul, South Korea, Monday, Dec. 16, 2024. (AP)

South Korea's Constitutional Court on Monday began reviewing the impeachment of President Yoon Suk Yeol over his Dec. 3 martial law attempt, starting a process to decide if he will be removed from office, while investigators plan to question him this week.

The court will hold the first public hearing on Dec. 27, spokesperson Lee Jean told a news conference, after the court's six justices met to discuss plans for reviewing the impeachment by the opposition-controlled parliament on Saturday.

The court has up to six months to decide whether to remove Yoon from office or to reinstate him. The first hearing will be "preparatory" to confirm major legal issues of the case and schedule among other matters, Lee said.

Yoon is not required to attend that hearing, he said.

In 2017, the court took three months to issue a ruling to strip then-President Park Geun-hye's presidency following her impeachment for abusing the powers of her office.

Yoon and a number of senior officials face potential charges of insurrection, for the short-lived martial law.

A joint team of investigators from the police, the defense ministry and an anti-corruption agency are planning to call Yoon in for questioning at 10 a.m. (0100 GMT) on Wednesday, a police official told Reuters.

Investigators tried to serve a summon for Yoon to appear by delivering it to the presidential office and his official residence, but the presidential security service declined to receive it saying it was not in the position to do so, Yonhap news said.

On Sunday Yoon did not appear in response to a summons for questioning by a separate investigation by the prosecutors' office, Yonhap news reported. Yoon cited he was still forming a legal team for his defense as the reason, it said.

The government led by acting president, Han Duck-soo, was moving quickly to reassure international partners and calm financial markets, while the main opposition party pledged to cooperate in efforts to stabilize the situation.

Early on Monday, the finance minister, Bank of Korea governor and top financial regulators met and pledged around-the-clock monitoring of financial and foreign exchange markets.

The benchmark KOSPI index rose for a fifth straight session on Monday and traded at its highest levels in more than two weeks, as authorities vowed to stabilize financial markets and analysts noted eased political uncertainty.

Yoon's surprise martial law declaration and the ensuing political crisis spooked markets and South Korea's diplomatic partners, worried over the country's ability to deter nuclear-armed North Korea.

In one of his first moves as acting president, Han spoke with US President Joe Biden by telephone on Sunday, pledging unwavering commitment to pursue foreign and security policies based on the alliance between the two countries.

Opposition Democratic Party leader Lee Jae-myung welcomed US President-elect Donald Trump's selection of his former intelligence chief to handle special missions including North Korea as a sign of commitment for dialogue to ease tensions.

Foreign Minister Cho Tae-yul said the nomination of Richard Grenell indicated North Korea will be one of the top priorities of Trump's presidency. Trump met North Korean leader Kim Jong Un on three occasions during his first term.

The Saturday impeachment vote passed with at least 12 members of Yoon's ruling People Power Party joining in favor, which has thrown the party into a disarray with its leader Han Dong-hoon announcing his resignation on Monday.



EUROPE GAS-Prices Rise on Lower Wind Speed, Russian Gas Uncertainty

Model of natural gas pipeline and Gazprom logo, July 18, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
Model of natural gas pipeline and Gazprom logo, July 18, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
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EUROPE GAS-Prices Rise on Lower Wind Speed, Russian Gas Uncertainty

Model of natural gas pipeline and Gazprom logo, July 18, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
Model of natural gas pipeline and Gazprom logo, July 18, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

Dutch and British wholesale gas prices rose slightly early on Monday, as they traded in a narrow range, caught between low wind speed and uncertainty over Russian gas flows to Europe when the Ukraine gas transit deal expires at the year-end.

The benchmark front-month contract at the Dutch TTF hub edged up by 0.84 euro to 44.65 euros per megawatt hour (MWh), or $14.3/mmBtu, by 1016 GMT, while the day ahead contract was up 1.08 euro at 44.38 euros/MWh.

In Britain, the day-ahead contract was 2.25 pence higher at 110.25 p per therm.

"The spot and the curve (prices) are still supported by the prospect of a non-renewal of the Russia-Ukraine gas transit deal," analysts at Engie's EnergyScan said in a daily note, according to Reuters.

The situation with European countries that buy Russian gas is very complicated and requires increased attention, the Kremlin said on Monday, after talks between President Vladimir Putin and Slovak Prime Minister Robert Fico.

Fico said on Sunday that Putin had confirmed Russian willingness to continue to supply gas to Slovakia, even though the Slovak leader said this was "practically impossible" once a gas transit agreement between Russia and Ukraine expires.

Russia's Gazprom said it would send 42.1 million cubic metres of gas to Europe via Ukraine on Monday, a volume in line with recent days.

Meanwhile, wind generation will drop sharply today in France and Germany and the confidence for high wind output is reduced, supporting gas for power demand, EnergyScan analysts said.

In Britain, peak wind generation is forecast at 19.1 gigawatts (GW) on Monday, falling to 15.6 GW on Tuesday, Elexon data shows.

In the European carbon market, the benchmark contract was up 0.22 euro at 67.91 euros a metric ton.