IMPLEMENTATION LEVEL

National

AFFECTED FLOW

Outflow

ANNOUNCED AS TEMPORARY

No

NON-TRADE-RELATED RATIONALE

No

ELIGIBLE FIRMS

firm-specific

JUMBO

No

TARIFF PEAK

No
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Inception date: 01 Mar 2022 | Removal date: open ended

Controls on credit operations

On March 1st, 2022, the Japanese government announced a second round of economic sanctions on Russian individuals and organisations, including Vladimir Putin and the Russian Central Bank, in response to the Russian invasion of Ukraine. Six individuals, three state banks and 49 firms/groups were listed as targets for the measures. All of them are Russian (previous sanctions had included some Russian-aligned Ukrainian entities). For the full list, please refer to the attachments to official the Ministry of Foreign Affairs (MOFA) announcement in the sources section.

Firstly, the announcement stated that an 'asset freeze' was being implemented. It applied with immediate effect (i.e. from 1st March, 2022) to all those in the aforementioned list, except two of the three banks. The later implementation of the sanction policies on these two banks is recorded in a separate intervention pertaining to this state act.

Secondly, there was an immediate payment restriction to the persons and entities contained on the list - all payments to these individuals would 'require approval'. This is effectively a ban, and was reported as such in press releases from the Japanese government.

A further provision in the announcement prohibited receipt of payments from 49 named firms in Russia, all of which considered to be contributors to Russia's 'military capabilities'. Please refer to the second attachment to the MOFA announcement for a full list of the firms affected.

The MOFA announcement stated that the measures were part of international 'steps to maintain international peace and security and to contribute to international efforts for international peace'. A first round of sanctions had been implemented a few days prior to the one in question - please refer to the related state act for more.

AFFECTED COUNTRIES

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