Japan announces phased-out exit from Russian oil
Christian Fernsby ▼ | May 11, 2022
Japan will slowly phase out oil imports from Russia while maintaining its interests in oil and gas projects in the Russian Far East, Prime Minister Fumio Kishida said.Article continues below
Kishida made the remarks as the nation balances the need to alleviate cost of living pressures while reducing its reliance on Russia in response to its war in Ukraine.
The premier told a virtual meeting of leaders of the Group of Seven nations earlier in the day that Japan will ban Russian oil imports "in principle" as part of additional sanctions levied on Moscow to punish it for its war launched in late February.
"This is a very difficult decision, but the unity of the G-7 is most important now," Kishida said in Tokyo.
Russia accounted for 3.6 percent of Japanese crude oil imports in 2021, coming after Saudi Arabia, the United Arab Emirates, Kuwait and Qatar. The four Middle Eastern countries provided about 90 percent of the oil supply in total.
Kishida noted the projects on Russia's Sakhalin, a large island north of the Japanese archipelago, are vital for his nation in securing a stable energy supply in the long term. The government and Japanese companies hold stakes in them.
"We will take steps to phase out in a manner that will minimize adverse effects on (Japanese) people's lives and business activities, but our plan to maintain our interests (in the projects) remains unchanged," he said.
Japan's top government spokesman, Chief Cabinet Secretary Hirokazu Matsuno, explained in a regular news conference that maintaining interests in the projects is also important to ensure the effectiveness of sanctions against Russia.
"If we exit from the Sakhalin 1 and 2 projects and Russia or a third country obtains the interests, it will benefit Russia, and there is a possibility that the sanctions will not be effective," said Matsuno. ■ What to read next
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