As the Standard P&I Club informs, Japan has imposed several rounds of sanctions targeting Russia, as a response to the country’s military invasion of Ukraine in late February 2022.
The sanctions against Russia have been jointly announced by Japan’s Ministry of Foreign Affairs, Ministry of Finance, and Ministry of Economy, Trade and Industry.
The following sanctions have been imposed to date:
Sanctions imposed on Russia in late February 2022:
- Restrictions on payments from Japan and by Japanese residents to 24 named persons with a connection to the Donetsk People’s Republic (DPR) and Luhansk People’s Republic (LPR), and also to Bank Rossiya.
- Requirement for approval for all export and import of goods to / from DPR and LPR.
- Tightening of export controls on items and relevant services subject to Japan’s ‘Multilateral Export Control Regimes’ to Russia.
- Restrictions on capital transactions between Japanese residents and designated Russian persons, on new Russian sovereign debt transactions, and on the issuance of securities by designated Russian banks in Japan.
Sanctions imposed on Russia in March 2022:
- Restriction on payments to multiple designated Russian individuals (including Vladimir Putin) and Russian banks.
- Restrictions on the export of goods that could strengthen the military capacity of Russia.
- Ban on the export of oil refining equipment, semiconductors, communications equipment, sensors and radar, and other specified items from Japan to Russia.
- Designation of a further 12 Russian corporate entities, including several military-related companies to Japan’s sanctions list.
- Freezing the assets of numerous Russian individuals including 11 members of Russia’s lower House of Parliament, and five family members of the Chairman and largest shareholder of Bank Rossiya.
The Japanese government has also announced that the country is amending its foreign exchange law (the Foreign Exchange and Foreign Trade Act), to prevent Russia from using crypto / digital assets to facilitate sanctions evasion tactics.
Japan sanctions targeting Belarus
In addition to sanctions directly targeting Russia, Japan has also imposed sanctions targeting Belarus which are as follows:
- Designation of Belarussian political figures and corporate entities (including a Minsk-based semiconductor manufacturer).
- Restriction of payments to 7 Belarussian individuals and 2 corporate entities.
- Tightening of ‘examination procedures’ for items and services subject to Japan’s Multilateral Export Control Regimes being exported to Belarus.
In addition, the South Korean Government has also imposed sanctions against Russia introducing additional financial measures.
It should be recalled that the economic sanctions targeting Russia continue to evolve and escalate with many being coordinated among the EU, UK, US, and their allies including sanctions against President Putin and the Central Bank of Russia. Standard Club’s experts Mrs. Ursula O’Donnell and Mrs. Gina Venezia provide a summary of some of the recent actions.
On 5 March 2022, the Singapore government imposed sanctions against Russia in response to the ongoing conflict in Ukraine.
Also, International Association of Classification Societies (IACS) voted to expel the Russian Maritime Register of Shipping from their ranks.
