Japan takes aim at Russia’s exports

Japan takes aim at Russia’s exports

Tokyo has unveiled a new package of sanctions against Russia in connection with Moscow’s military operation in Ukraine, Asahi news outlet reports. However, the latest restrictions exclude imports crucial for the Japanese economy, including seafood and energy.

The expanded list includes a ban on the import of Russian beer and vodka, engine parts for ships, aircraft, cars and motorcycles, veneer, certain types of wood and wood chips. The ban comes into effect on April 19. It did not include a ban on Russian fish and seafood, which make up 8.9% of Japanese imports. Tokyo also avoided targeting supplies of Russian crude oil and natural gas, on which the country is heavily dependent.

However, according to the publication, Japan’s dependence on Russian wood products is much higher. Russia accounted for up to 80% of purchases for some items in Japanese wood imports last year. Nearly 60% of veneer comes to the Japanese market from Russia, and analysts say the import ban will lead to a spike in the cost of property construction, by 5-10%.

Prices for wood and sawn timber in Japan have recently hit record highs. First, they started to rise after Russia introduced higher export rates for certain types of timber products last year. However, they jumped significantly over the past several weeks since the start of Moscow’s military operation in Ukraine. After Tokyo joined Western sanctions against Russia, some Japanese importers started refusing to purchase Russian timber. Last month, construction costs rose by almost 60% year-on-year, Asahi reported, citing data from the Bank of Japan.

Japan has already adopted several packages of anti-Russia sanctions, joining the US, most of the EU, the UK and several other nations in condemning Russia’s actions in Ukraine. However, Tuesday’s package is the first to target Russian exports. Previously, Tokyo placed restrictions on its own exports to Russia, with the list of banned goods and technologies amassing more than 300 items. These include semiconductors, equipment for maritime and aviation security, telecommunications equipment, military products, software and oil refining equipment. In addition, Japan also banned exports of luxury goods to Russia, including cars worth more than 6 million yen ($49,000).

For more stories on economy & finance visit RT's business section

Source: www.rt.com

The last notes - Экономика

most read news

#Экономика

The Central Bank of Russia (CBR) is considering creating a compensation fund for local investors whose assets have been frozen by Western nations, Governor Elvira Nabiullina said on Thursday during
подробнее...

Price for electricity in two key EU markets saw enormous increases on Friday, forcing the bloc’s leaders to call an emergency meeting to discuss the power-supply crisis that keeps tightening its grip,
подробнее...

Russian energy major Gazprom's stock jumped 31% on Wednesday to 267.25 rubles per share (just over $4.43) on the Moscow Exchange, following the company’s announcement of bumper profits and dividend
подробнее...

Electricity prices in Germany are expected to jump to record highs next year, the Neue Osnabrucker Zeitung newspaper reported on Friday, citing the country’s local public utilities association
подробнее...

Natural gas spot prices in Europe continue to rise with September futures on the TTF hub in the Netherlands jumping to nearly $3,500 per thousand cubic meters on Friday, according to data on the
подробнее...

Imports of Russian goods by Mexico saw a substantial annual increase of more than 20% during the first six months of the current year, according to the latest figures released by the Bank of Mexico.In
подробнее...

Hundreds of various types of unsanctioned Russian goods worth billions of dollars continue to flow into US ports, Associated Press reported on Thursday.The report highlighted that over 3,600 shipments
подробнее...

The Moldovan government has launched a special website which will help citizens find firewood to heat their homes, authorities announced this week.“The site provides information about the nearest
подробнее...

The EU is planning urgent steps to bring down surging power prices, European Commission President Ursula von der Leyen said on Monday, as quoted by Bloomberg.“The skyrocketing electricity prices are
подробнее...

One of Russia’s top banks, VTB has become the first lender in the country to launch money transfers to China in yuan, sidestepping the Western-controlled global financial messaging system SWIFT.“The
подробнее...

The proposal by the EU to place a price cap on Russian natural gas imports is a foolish, non-market-oriented plan that has no future, Russian President Vladimir Putin said on Wednesday.“Faced with
подробнее...

Russia has huge natural gas reserves that could last for more than a century, the head of state-owned Gazprom, Alexey Miller, said on Wednesday at the International Business Congress. “Our consumers,
подробнее...

Major European ports have signaled their readiness to facilitate the export of Russian fertilizers, UN Secretary-General Antonio Guterres said in an interview with RIA Novosti, published on
подробнее...

The engine of European economic development, Germany, is set for a contraction, Deutsche Bank CEO Christian Sewing warned this week, as cited by CNBC.According to the media outlet, Sewing said in a
подробнее...

Russian state-owned energy giant Gazprom confirmed on Tuesday it had cut off off gas supplies to French utilities company Engie. The Paris-based firm has failed to pay for July gas deliveries in full,
подробнее...

The European Commission on Sunday proposed withholding $7.5 billion in funds allocated to Hungary, due to corruption concerns. The suspension is aimed at protecting the bloc’s budget, according to
подробнее...

The European Union will lose around €21 billion ($20.97 billion) if it bars Russian tourists from entering the bloc, State Duma Speaker Vyacheslav Volodin wrote on his official Telegram channel on
подробнее...

One in six Italians, or up to nine million people, could sink into energy poverty due to soaring bills across the EU, Italy’s ANSA news agency reported on Saturday, citing the Italian General
подробнее...