Japan Contemplating Banning All Russian Oil Imports

Japan is holding talks with the Europe and United sates concerning a potential ban of all Russian oil imports. This development was first reported on Kyodo news on March 7. Russia is the fifth largest supplier of crude oil to Japan.

This development comes exactly one day after U.S. Secretary of State Antony Blinken announced that the United States and its allies in Europe were exploring the possibility of banning oil imports from Russia.

As of last year, Russia accounted for 3.63% of all the crude oil imported by Japan. Japan’s industry minister, Koichi Hagiuda, claims the sanctions imposed on Russia are not expected to directly affect the country’s ability to ensure a stable supply of liquefied natural gas (LNG), however, they could affect energy related projects indirectly.

The minister further added that they will closely monitor development on the issue and act appropriately in line with the U.S and its European allies.

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