Japanese Prime Minister Fumio Kishida announced the embargo on Russian oil. Despite this, they will maintain interests in energy projects with Russia.
After the European Union proposed to veto the purchase of oil from Russia and embargo refined oil, this Monday Japan announced an embargo against imports of Russian crude oil and urged the G7 to do the same.
The information was delivered by the Japanese Prime Minister, Fumio Kishida, who clarified that despite this, Japan will maintain its interests in energy projects with Russia.
According to Kishida, the government will seek to minimize the impact on energy supply, since Japan “relies heavily on energy imports. It is a very difficult decision, but the coordination of the G7 is more important at a time like the present”.
Japan’s announcement was made in the hours before the G7 meeting that brings together Germany, Canada, the United States, France, Italy, Japan and the United Kingdom; Y after the meeting, the group agreed to reduce energy dependence on Russia.
In this way, the great world powers evaluate an implementation with transition, so that other countries find alternatives to supply. For his part, the Japanese prime minister assured that they seek to “protect the international order.”
Japan imports the order of 3.6% of oil and its derivatives from Russia, while most of the crude is imported from Middle Eastern countries. Even so The embargo on Russian crude will be gradually finalizedin such a way that prices are not affected.
Veto from the European Union
Last Wednesday The European Commission proposed to the European Parliament to veto the purchase of Russian oil and an embargo on refined products in a sixth package of economic measures against Russia for the invasion of Ukraine.
For the veto to be approved, it requires the approval of the 27 Member States that make up the European Union, however, Hungary would be about to reject the measure, since Russia is the only source of crude oil supply and they do not have the possibility of importing oil by sea.
This was reported by the Hungarian Prime Minister, Viktor Orbán, who asserted that the European Commission’s proposal “that is on the table creates a problem and does not propose a solution. This is unacceptable from the Hungarian point of view,” adding that the initiative is equivalent “to dropping an atomic bomb on the economy of our country”.