Japan Supports G7 Sanctions Against Russia

In his appearance Tuesday, Bank of Japan Governor Haruhiko Kuroda said that potential sanctions from the G7 countries will have a significant impact on Russia’s finances, adding that “the amount of foreign reserves that Russia can tap has already significantly decreased due to the sanctions.”

Where Japan expressed its readiness to work with the G7 countries to ban oil imports from Russia in light of the latest events of the Ukraine crisis.

“While the international community tightens sanctions against Russia, it is in Japan’s interest to cooperate with the G7 countries to ensure stable and secure energy supplies as best as possible,” Japanese broadcaster NHK quoted Japanese Trade Minister Hagiuda Koichi as saying on Tuesday.

Hagiuda added that his government will aim to ensure that Japanese companies do not incur losses if Russia responds to economic sanctions with similar decisions.