Japan’s Expanded Sanctions Against Russia
In a significant development, the Japanese government has announced a fresh set of sanctions targeting Russia and a range of foreign entities in response to the protracted conflict in Ukraine.
According to the Ministry of Foreign Affairs, these measures are implemented under the Foreign Exchange and Foreign Trade Act, aimed at reinforcing international efforts for peace and promoting an end to the hostilities in Ukraine.
The latest sanctions will lead to a freeze on the assets of 11 individuals and 29 organizations linked to the Russian Federation, including three Russian banks and one bank based in Georgia.
Notably, transactions involving these affected institutions will require prior approval for payments and transfers of capital.
Those under scrutiny include high-profile corporate leaders like Vladimir Artyakov—First Deputy General Director of Rostec—Sergei Petrov, owner and CEO of PSV Technologies, and Pavel Marinychev, the head of the diamond mining giant Alrosa, along with Ruslan Bulatov, General Director of LLC Testkomplekt.
Asset Freezes and Export Bans
In a surprising addition, Japan will also freeze the assets of North Korean national Rim Yong Hyok, who is connected to the Korea Mining Development Trading Corporation (KOMID) in Syria, an entity that has already been sanctioned by the United Nations.
The organizations facing sanctions include several key Russian firms, such as Marine Trans Shipping, the Moscow Institute of Thermal Technology, and the Military-Industrial Corporation NPO Mashinostroyenia, as well as major financial institutions like CMRBank, Russian Financial Corporation Bank, and Timer Bank.
Notably, the asset freeze for these entities will take effect on February 9, 2025.
Furthermore, Japan has imposed an export ban on items that could enhance Russia’s industrial capabilities.
This ban covers 22 Russian companies and also targets foreign firms—18 from China, one from Kazakhstan, two from Kyrgyzstan, one from Thailand, eight from Turkey, and one from the United Arab Emirates have been included in these restrictions.
International Solidarity Against Russia
These latest sanctions are part of a broader initiative Japan has undertaken, termed “measures based on the Foreign Exchange and Foreign Trade Act concerning the situation in Ukraine.” This framework previously included asset freezes, bans on the import of diamonds and Russian oil, and limits on military-related exports.
Since the war in Ukraine began in 2022, various countries and organizations—including the UK, US, and EU—have enacted numerous sanctions against Russia in solidarity.
Additionally, Japan’s sanctions extend to encompass not just Russia but also its allies and any nations involved in economic, military, or industrial exchanges with Russia.
Echoing these efforts, the European Union introduced a sanctions package in June 2024, aiming to restrict re-exports of Russian liquefied natural gas to other countries, thereby seeking to weaken the Russian economy.
The European Commission has also moved forward with a €3 billion Macro-Financial Assistance loan to Ukraine, which will be funded through proceeds from Russian assets frozen within the EU.
Source: Jurist