Japan slashes Russian oil price cap and rolls out new sanctions
Japan has announced a new package of sanctions against Russia and its partners. Even companies from China, Türkiye, the UAE, the Seychelles, and the Marshall Islands have been affected by the restrictions, according to
Trading View and
Devdiscourse.
Japan has decided to lower the price cap on Russian crude oil to $47.6 per barrel from the previous $60. This decision was made to increase pressure on Moscow for continuing its invasion of Ukraine.
The Japanese Foreign Ministry said that the new price threshold for Russian crude oil will apply to contracts signed after September 12 and contracts with unloading after October 17.
This move came after the European Union lowered the price cap on Russian crude oil to $47.6 in July as part of its 18th package of sanctions against Moscow.
Japan will also impose additional sanctions on asset freezes and export controls. In particular, it is known that Tokyo has imposed sanctions against 14 individuals, 48 companies and organizations from the Russian Federation, and three companies from the Seychelles and Marshall Islands.
There are also reports of export restrictions on two companies from Russia and nine companies from the UAE, Türkiye, and China.
New Zealand also tightened sanctions
New Zealand has also tightened sanctions against Russia by lowering the price cap on oil and expanding its blacklist.
Foreign Minister Winston Peters announced that the price cap on Russian crude oil will be lowered from $60 per barrel to $47.60, in line with measures taken by Canada, the European Union, and the United Kingdom.
The Prime Minister said price caps were a deliberate step to reduce critical oil revenues that fuel Putin's illegal war in the form of aggression against Ukraine.
Sanctions against Russia
Following Russia's full-scale invasion of Ukraine, the
EU introduced 18 packages of sanctions, which have already led to a sharp reduction in imports from Russia.
In particular, as part of the 18th package of sanctions against Russia, the
EU lowered the price cap on Russian oil from $60 to $47.6. The decision took effect on September 3.