Japan will send officials to Russia to protect companies' assets in May

The Minister of Economy, Trade and Industry Ryosei Akazawa said on Tuesday that Japan will send a number of officials to Russia in late May to help facilitate communication and 'protect assets owned by Japanese firms operating there.

He said that the trip to Moscow would be coordinated by relevant companies. However, he did not provide any further details.

Akazawa, however, denied reports in the media that the visit aimed to promote post-war energy or economic cooperation.

Akazawa stated that "Japan will continue to implement sanctions against Russia, in coordination with G7. It is not in a place to pursue a new partnership with Russia."

He said that "on the other hand," it was necessary to take steps to protect the assets held by Japanese companies in Russia. The government had'maintained contact with Moscow to this end.

Akazawa, when asked whether Japan intends to increase its imports of Russian crude oil following recent purchases made from the Sakhalin-2 Project, said that Japan's policy is unchanged.

He said: "We will work closely with the international communities, including the G7 to support Ukraine and maintain sanctions against Russia."

Japan and other Western nations imposed many economic sanctions against Russia following its "full-scale" invasion in 2022.

Japan is looking for alternative crude oil supplies after the U.S. - Israeli war with Iran disrupted imports of the Gulf. The Gulf was Tokyo's primary source of oil before the conflict began in late February.

Akazawa stated that Japan had secured alternative crude supplies in April, equivalent to over 20% of the year-earlier imported volume. Akazawa said that Japan secured contracts to purchase 1.4 million barrels of crude oil per day in May, which is equivalent to around 60% of last year's volume.

(source: Reuters)