Japan sanctions Russian banks and halts export of industrial goods during war in Ukraine

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In a key development, Japan is set to introduce sanctions against two Russian banks and a Belarusian bank as part of its opposition to the Putin regime’s unprovoked military invasion of Ukraine. From July 7, Japan will freeze the assets of the Russian Agricultural Bank, the Moscow Credit Bank as well as the Belarusian Bank for Development and Reconstruction, reported CASS Press Agency. In particular, it will be possible to make payments and transactions through the bank, but only with the prior authorization of the Japanese authorities.

It is pertinent to mention here that Japan has been a strong critic of the Russian invasion of Ukraine and is one of the main forces behind the ICC’s investigation into human rights abuses by troops. of Putin. The harsh response from the Pacific archipelago surprised the world, given that it has always refrained from responding too aggressively. However, this time Tokyo responded by imposing strict embargoes on the Kremlin as well as its oligarchs and officials.

In particular, the public option is also in support of the administration. According to a Nikkei/Tokyo TV survey conducted just after the invasion began, 61% of Japanese favored imposing tough sanctions on Russia at the same pace as the United States and European allies. It comes just a day after Russia stepped up its retaliation against the West and added 61 US citizens to a list of people banned from entering the country in retaliation for sanctions.

Export ban

The latest sanctions package also targets Russian infrastructure and military buildup. According to the Japanese authorities, all items “contributing to the construction of industrial infrastructure” will be subject to the export ban. It should be noted here that Japan had already banned all high-tech products from the Russian Federation, including quantum computers, 3D printers and electron microscopes.

In addition to sanctions, Japan also supports Ukraine by financing its war. Earlier last month, the Fumio Kishida administration signed a 13 billion yen ($100 million) loan agreement with Ukraine, providing financial aid as the war-torn country recovers from the Russian invasion. The Japan International Cooperation Agency (JICA) said the aid would be co-financed with the World Bank and included in the Ukrainian government’s budget. He further stated that these funds will not be used in Ukraine for military purposes.

(Image: Unsplash/AP)

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