Japan sanctions Russian banks, halts export of industrial goods amidst Ukraine war

In a key development, Japan is set to introduce sanctions against two Russian banks and one Belarusian bank as a part of its opposition to the Putin regime's unprovoked military invasion of Ukraine. Starting July 7, Japan will freeze the assets of the Russian Agricultural Bank, Credits Bank of Moscow as well as Belarusian bank of Development and Reconstruction, reported TASS news agency. Notably, it will be possible to make payments and transactions through the bank, but only with prior permission from Japanese authorities. 

It is pertinent to mention here that Japan has been a staunch critic of the Russian invasion of Ukraine and is one of the major forces behind the ICC’s probe into human rights infringements by Putin's troops. The stern response of the pacific archipelago has come as a surprise to the world, given the fact that has always held back from responding too aggressively. However, this time, Tokyo reacted by slapping stringent embargoes on Kremlin as well as its oligarchs and officials. 

Notably, 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 favoured imposing strict sanctions on Russia in step with the United States and European allies. This comes just a day after Russia bolstered retaliation against the West and added 61 American citizens to a list of people barred from entering the country in retaliation for sanctions. 

Export ban 

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

In addition to sanctions, Japan is also supporting Ukraine by bankrolling its warfare. Earlier last month, the Fumio Kishida administration signed a 13 billion yen ($100 million) loan agreement with Ukraine, providing financial assistance while the war-torn country recovers from Russia's invasion. The Japan International Cooperation Agency (JICA) stated that the support would be co-financed with the World Bank and included in the Ukrainian government's budget. It further stated that these funds would not be used in Ukraine for military purposes. 

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