Japan imposed export ban on 90 Organizations From Russia, Belarus
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Export sanctions have been imposed on 90 entities, and the Japanese Finance Ministry has decided to freeze the assets of 57 Russian individuals and six entities, according to a statement.
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Japan imposed an export ban on 90 Organizations From Russia and Belarus.
Japan has imposed an export ban on 90 organizations from Russia and Belarus, according to a bulletin issued by the Japanese foreign, finance, and economy ministries.
"According to a [Japanese] Foreign Ministry notification, a restriction on export is introduced for 65 organizations from the Russian Federation and for 25 organizations from Belarus," according to the document published by the Japanese Finance Ministry.
Japan is also prohibiting the provision of services to Russia, such as auditing, management consulting, and trust services. The ban will go into effect on September 5.
According to the document, Tokyo is sanctioning 57 Russian individuals and six organizations, including Kherson Region military-civilian administration head Vladimir Saldo and his deputy Kirill Stremousov, Russian Deputy Prime Minister Dmitry Grigorenko, and relatives of Severstal majority shareholder Alexey Mordashov.
The sanctions call for the freezing of assets in Japan, as well as the prohibition of financial transactions with these individuals and organizations.
Read next: Japan sanctioning over 140 people from Russia, DPR, LPR
In June, during the latest addition to the wave of sanctions against Russia following the war in Ukraine, Japan introduced 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.
Earlier, losses were incurred by seven leading Japanese trade and investment organizations, including Mitsui, Mitsubishi, Itochu, Sumimoto, and Marubeni, as a result of direct and indirect consequences of anti-Russian sanctions, totaled more than $2 billion by March 31 according to the Japanese daily Sankei.
The losses stem from a drop in the value of these firms' Russian assets, such as the Sakhalin-1 and Sakhalin-2 oil and gas projects, as well as losses from leasing passenger planes to Russia.
Meanwhile, Japanese business, backed by the government, is said to have no plans to depart Sakhalin-1 and Sakhalin-2. The importance of importing oil and gas via these projects is based on long-term contracts and at moderate rates, according to the Japanese Minister of Economy, Trade, and Industry Koichi Hagiuda, who spoke at a news conference in Tokyo on May 10.
Read next: Russia imposes sanctions against 63 Japanese citizens
