Japan will take some time to end its oil exports to Russia after agreeing with a ban on other Groups of Seven (G7) countries to fight Moscow’s invasion of Ukraine, Prime Minister Fumio Kishida said on Monday.The G7 countries committed to the move “in a timely and orderly manner” at an online conference on Sunday to put more pressure on President Vladimir Putin, although members like Japan, who are very poor, rely heavily on Russian gas. In a country that relies heavily on foreign power sales, it is a very difficult decision. But the G7 co-operation is very important at the moment, ”Kishida told reporters, echoing his remarks at the G7 summit.
“Regarding the timing of the reduction or suspension of oil purchases (in Russia), we will consider it when assessing the real situation,” he said. “We will take our time to take steps to eliminate it.” He did not steal. There have been no Russian oil tankers bound for Japan since mid-April, according to Refinitiv data. About 1.9 million barrels were shipped from Japan from Russia to Japan in April, 33% down from the same month last year. The crisis in Ukraine has highlighted Japan’s confidence in Russia as Tokyo has taken immediate action and aligned itself with the G7 in imposing sanctions.
The recent ban emphasizes changes in Japanese policy. Japan has said it will be difficult to quickly cut off Russia’s oil exports, which account for about 33 million barrels of oil purchased in Japan, or 4%, by 2021. It has already said it will ban the import of coal into Russia in stages, with the exception. liquefied natural gas (LNG). Japan is in dire straits since shutting down most of its nuclear arsenals following the 2011 Fukushima nuclear disaster. Russia was the fifth largest country in Japan for supplying crude oil and LNG last year.
The Japanese government and companies have a stake in Russia’s oil and LNG projects, including two on Sakhalin Island when partners Exxon Mobil Corp and Shell PLC announced their withdrawal. However, Japan’s largest oil refinery, Enos Holdings has already stopped buying Russian crude, saying it will get supplies from the Middle East. On Friday, trading company Marubeni Corp said it wanted to withdraw from the Sakhalin-1 oil system but kept its shares in line with government policy. Kishida said on Monday that nothing has changed in the government’s policy of keeping business interests in Russia’s various energy assets.
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