Japan Undecided on Imposing Price Cap on Russian Petroleum Products
The Japanese flag flies over the island during the 60th anniversary of the Battle of Iwo JIma on Iwo Jima, Japan on Saturday March 12, 2005
UNITED NATIONS (Sputnik) – Japan has not determined its stance regarding the newly discussed price gap on Russian oil products, the Japanese Foreign Ministry Deputy Press Secretary Okano Yukiko said. US media reported on Wednesday that the United States and its allies are preparing to impose new sanctions on the Russian oil industry, specifically on petroleum products. “We have not decided on our position yet, so we cannot comment on that,” Yukiko said during a press briefing on Thursday. Yukiko noted that Japan has so far coordinated its stance with the Group of Seven (G7) advanced industrial countries. The deputy press secretary pointed out that since Japan is slated to assume the G7 presidency this year, “we will coordinate among ourselves” how to respond to Russia’s special military operation in Ukraine. The countries of the so-called collective West have sought ways to limit Russia’s income from oil and gas exports, as well as reduce their dependence on Russian energy products after Moscow launched the special military operation in Ukraine on February 24. The European Union imposed last month a price cap of $60 per barrel on Russian crude oil, joined by the G7 countries and Australia. In late December, Russian President Vladimir Putin signed a decree banning supplies of Russian oil and petroleum products if contracts directly or indirectly provide for a price cap.
