On June 7th 2022, the Japanese Ministry of Foreign Affairs issued a press release announcing an 11th tranche of sanctions undertaken in response to the Russian invasion of Ukraine. Two Russian banks were targeted, with 'capital transactions' to or from them forbidden. These were defined as 'deposit contracts, trust contracts and monetary loan contracts'.

The ban went into effect from 7 June 2022. The following two banks were targeted:

1. Credit Bank of Moscow
2. Russian Agricultural Bank (Rosselkhozbank)