Japan laps Sanctions On Russian Banks, Military Groups

Prime Minister Fumio Kishida on Friday unveiled a set of tighter Japanese sanctions against Russia featuring a freeze on assets held by Russian banks and curbs on exports to military-linked groups in response to Moscow's invasion of Ukraine, Kyodo News reported.

Photo Insert: The announcement came hours after Kishida and his counterparts from the Group of Seven industrialized nations condemned Russia and pledged to take "severe and coordinated" economic and financial sanctions.

The new sanctions package also includes export controls on semiconductors and other high-tech products, as well as a suspension of visa issuance for certain Russian individuals and entities, Kishida said at a news conference.

The announcement came hours after Kishida and his counterparts from the Group of Seven industrialized nations condemned Russia and pledged to take "severe and coordinated" economic and financial sanctions against its "completely unjustified" attack.

The asset freeze will target three financial entities -- Promsvyazbank, Bank Rossiya, and Russia's economic development bank VEB. However, Sberbank, Russia's largest financial institution that is on the US blacklist, is not subject to Japanese sanctions. The new sanctions do not cover the energy sector, either, but Kishida said,

"Depending on how the situation unfolds, we will consider what we should do in coordination with other G-7 members." The G-7 groups Britain, Canada, France, Germany, Italy, Japan, and the United States plus the European Union.

Kishida declined to comment how the punitive measures may affect bilateral negotiations over four islands controlled by Moscow but claimed by Tokyo.

Condemning the Russian military attack as being in violation of international law, the prime minister said, "Japan needs to show its resolve not to allow any change to the status quo by force."

He added: "The attack is totally unacceptable from the standpoint of our national security," he said. "It is an extremely serious situation with ramifications for the international order, not just in Europe but Asia and beyond."

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