Japan to expand export sanctions against Russia
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The measures are expected to come into force starting July 7.
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The Russian Agricultural Bank is included in the latest Japanese batch of sanctions (Reuters)
In the latest addition to the wave of sanctions against Russia following the war in Ukraine, Japan will now introduce sanctions targeting two Russian banks and one Belarusian bank with the intention of expanding the ban on local goods export.
The goods subject to the export ban are ones "contributing to the buildup of industrial infrastructure" according to Tokyo, without specifying which products yet.
Furthermore, the new sanctions will include the freezing of assets of three banks: The Russian Agricultural Bank, the Credit Bank of Moscow, and the Belarusian Bank for Development and Reconstruction. Making payments and transactions with the aforementioned banks could now only take place with the authorization of Japanese authorities.
The measures are expected to come into force starting July 7.
This is not the first sanctions measures adopted by Japan, with a package of restrictions earlier adopted that targeted more than 200 Russian companies and organizations.
Earlier in May, Russia banned the entry of 63 Japanese officials over their sanctioning of Russian individuals and the imposition of economic restrictions.
A statement by the Foreign Ministry detailed how "Tokyo is taking practical steps aimed at dismantling good neighborly ties, damaging the Russian economy and the international authority of our country," leading to Moscow's response.
Japanese Prime Minister Fumio Kishida and Foreign Minister Yoshimasa Hayashi top the list of officials barred from entry, followed by Finance Minister Shunichi Suzuki, Defense Minister Nobuo Kishi, and Justice Minister Yoshihisa Furukawa.
