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1 Mar, 2024 16:56

Japan expands Russia sanctions

The new restrictions are in line with those of G7 allies, Tokyo says
Japan expands Russia sanctions

Japan has approved a new round of sanctions on Russia over the Ukraine conflict, its foreign ministry announced on Friday.

Tokyo has banned trade with an additional 29 Russian entities, according to a ministry press release. 12 individuals, including an executive at an arms manufacturer, seven organizations, and a bank have also been added to Japan’s asset-freeze list.

“We decided on the latest sanctions in cooperation with the G7 from the perspective of what would be effective in achieving a just and lasting peace in Ukraine,” Japanese Chief Cabinet Secretary Yoshimasa Hayashi said at a press briefing on Friday, as quoted by Bloomberg. “Japan will continue to work together with the international community, including the G7,” he added.

Among those blacklisted are Russian defense contractors Kalashnikov and Almaz-Antey, as well as Tinkoff Bank and the United Shipbuilding Corporation.

The sanctions also targeted the shipping line Atomflot, train manufacturer Uralvagonzavod, asphalt supplier Basalt, aircraft engine maker Aviadvigatel, drone maker Aeroscan, sensor maker Neva Electronics, semiconductor supplier Angstrem, and other companies.

Tokyo has also banned supplies of Russian diamonds for non-industrial use from third countries.

The diamond ban was first announced by the G7 countries (Canada, France, Germany, Italy, Japan, the US, and UK) in early December. Several days later, the prohibition was included in the EU’s 12th package of sanctions on Russia. As of January 1, deliveries of non-industrial diamonds mined, processed, or produced in Russia to the markets of G7 and EU countries are forbidden. On March 1, the second phase – applying to natural Russian diamonds from one carat upwards that were processed in third countries – came into force.

Moscow has already pivoted its diamond trade to the markets of China, India, the UAE, Armenia, and Belarus – which have all seen a sharp increase in rough and cut stone imports from Russia in recent months. Kremlin spokesman Dmitry Peskov has warned that the ban will have a boomerang effect on Western countries, hitting their own economies by depriving them of Russian diamonds.

For more stories on economy & finance visit RT’s business section

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