According to the latest report, the ban on the export of semiconductors, machine tools, cutting-edge materials, and other products and technologies to Russia, joining the ranks of the United States and Europe in sanctioning Russia for sending troops to Ukraine.
An export embargo on 266 products including semiconductors, communications equipment, and cutting-edge materials, and 26 technologies including design procedures for chip-making machines, will take effect on Friday, according to Japan’s Ministry of Economy, Trade, and Industry.
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In addition, the ministry said it would ban the export of refining equipment and related technologies to Russia, one of the world’s major oil producers.
All exports to 49 military-related Russian entities and two Belarusian organizations, including government agencies and aircraft and ship manufacturers, will be strictly prohibited.
In 2021, Japan’s exports to Russia will be worth about 860 billion yen ($7.3 billion), mainly transport vehicles and auto parts. That figure represents about 1 percent of Japan’s total global exports of 83 trillion yen, according to the Ministry of Finance.
In addition, it is rumored that the Japanese government is also expected to announce today the withdrawal of Russia’s most-favored-nation status, that is, the loss of the basic trade rights of the World Trade Organization (WTO).
According to Reuters, Japan could increase tariffs on certain seafood imports from Russia once the most-favored-nation status is withdrawn from Russia. The Japanese government will announce its decision today, Reuters reported, citing people familiar with the matter.
Last year, Japan’s exports to Russia accounted for only about 1% of its total exports, while more than 60% of Japan’s imports from Russia were crude oil, liquefied natural gas, and coal.
