ANNOUNCEMENT 08 Mar 2022
8th March, 2022 - The Japanese government announced a new round of sanctions in response to the Russian invasion of Ukraine.
NUMBER OF INTERVENTIONS
Japan Ministry of Foreign Affairs, 8th March 2022. (ウクライナ情勢に関する外国為替及び外国貿易法に基づく措置について)
On 8th March, 2022, the Japanese Ministry of Foreign Affairs (MOFA) published an announcement implementing additional sanctions on Russia in response to their invasion of Ukraine. In this context, capital control measures were imposed on two Russian and ten Belarusian 'groups' to the list of sanction targets. Additionally, a number of natural persons were added to the list.
The capital control measures consist of an 'asset freeze', which means all payments to and from those included on the list of targets must be approved by the Japanese government individually. The same applies to 'capital transactions (deposit contracts, trust contracts and monetary loan contracts)'. This so-called 'approval system' is Japanese policy speak for a ban, and was reported as such in press releases from the Japanese government, as well as the general media.
The measures went into effect immediately. This contrasted the previous sanctions, which gave some of the targets a grace period of approximately one month before the capital control measures were applied.