Japan Issues More Russia Sanctions, Lowers Price Cap
Japan last week introduced new sanctions and export bans on entities supporting Russia's war against Ukraine and lowered its price cap on Russian oil following a similar move by the EU and other nations (see 2507180017).
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The new sanctions will apply to more than 50 organizations and 10 people with ties to Russia's invasion of Crimea and the broader Ukraine region, Japan's trade ministry said Sept. 12, according to an unofficial translation. Japan also is imposing export restrictions on goods destined to two Russian entities, six entities based China, two entities in Turkey and one entity in the United Arab Emirates.
The country also is reducing its price cap for imports of Russian crude oil from $60 per barrel to $47.60 per barrel. The new cap took effect Sept. 12, although the previous price cap will apply to certain shipments that were already underway if they are unloaded in Japan by Oct.17.