The Japanese government said it has introduced tougher sanctions against Russia, a move to be in line with its western allies. Thus, Japan includes new people from Russia to freeze their assets and impose travel bans on. However, despite the existing differences in geopolitical issues, Japan’s ITOCHU signed a previously negotiated memorandum on large-scale investment projects in the Russian Far East. In addition to entry visa bans and financial restrictions, there were suggestions to limit cooperation in key sectors such as finance and energy. In such a way, the Japanese government expresses support to its G7 counterparts and openly declares support of the United States and the European Union in this issue.
Previously, Japan imposed sanctions that targeted 40 individuals from Russia and Ukraine with asset freezes and travel bans. The list included the government of Crimea and former Ukraine’s president Viktor Yanukovych. Potential investment inflows in Crimea-based companies Chernomorneftegaz and Feodosia was barred as well.
Experts believe that the Japanese sanctions have more political background than economic one. Thus, the dispute between Russia and Japan over the southern Kuril Islands is seen to be one of the reasons. Japan is trying to put pressure on Russia in this issue.
It is noteworthy that Russian Ministry of Development of the Far East announced the expansion of cooperation with Japanese company ITOCHU. “The signing of the document shows that ITOCHU is ready to discuss certain proposals of Ministry of Development of the Far East on the implementation of trade and investment projects in the Russian Far East”, the ministry’s statement reads.