Japan will gradually reduce its imports of Russian coal

Japan has decided to gradually reduce its imports of Russian coal, the government said Friday, in a coordinated move with the world's largest economic powers to tighten sanctions on Moscow for its invasion of Ukraine.

“We are going to move towards a cessation of imports” of Russian coal, Japanese Minister of Economy, Trade and Industry Koichi Hagiuda told a press conference today.

The decision comes a day after the leaders of the G7 countries, including Japan, released a joint statement promising new sanctions against Russia that includes an embargo on the import of Russian coal, in light of alleged crimes against civilians committed by Russian troops in Ukraine.

Hagiuda noted, however, that given the country's dependence on this energy source, the reduction will be gradual to ensure a stable supply in the territory and avoid the abrupt impact that would cause an immediate total cessation.

“We will look for alternative countries while we gradually reduce,” the minister said of these imports from Russia.

Twelve per cent of Japanese coal imports destined for its thermal power plants currently come from Russia.

“The measures agreed (by the G7) will be carried out according to the situation in each country and according to the energy security of each country,” said government spokesman Hirokazu Matsuno, adding that Japan could direct its energy diversification to sectors such as “renewable and nuclear”.

The Japanese Prime Minister, Fumio Kishida, has already pointed out the potential imposition of individual Japanese sanctions on Russia on the eve and plans to hold a press conference in the coming hours in which he is expected to give more details on them.

For its part, the United States announced on Wednesday a total blockade of the two major Russian banks, thus intensifying the country's financial bloc in retaliation for the invasion of Ukraine and the recent massacres reported in that country.

“I made it clear that Russia would pay a severe and immediate price for its atrocities in Bucha. Today, together with our allies and partners, we are announcing a new round of devastating sanctions,” President Joe Biden said on Twitter.

A senior government official explained in a call with journalists the “total blockade” of Sberbank and Alfa Bank, the country's largest financial institutions: the measures prohibit their assets from coming into contact with the US financial system and prevent Americans from doing business with both institutions.

In a statement, Sberbank replied that sanctions would not have a significant effect on its operations, having adapted to previous measures.

(With information from EFE)

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