ANNOUNCEMENT 12 Apr 2022

12 April 2022 - The Japanese government announced a new round of sanctions in response to the Russian invasion of Ukraine.

NUMBER OF INTERVENTIONS

4

  • 4 harmful
  • 0 neutral
  • 0 liberalising

SOURCE

Japan Ministry of Foreign Affairs, 12 April 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)
https://www.mofa.go.jp/mofaj/press/release/press4_009340.html

Appendix to above:
https://www.mofa.go.jp/mofaj/files/100330734.pdf

Japan Ministry for Economy, Trade and Industry, 12 April 2022. (外国為替及び外国貿易法に基づく 経済産業省告示の改正について (ロシアからの一部物品の輸入禁止措置))
https://www.meti.go.jp/policy/external_economy/trade_control/01_seido/04_seisai/downloadCrimea/20220412sanko.pdf

Inception date: 12 Apr 2022 | Removal date: open ended

Controls on commercial transactions and investment instruments

On 12 April 2022, the Japanese Ministry of Foreign Affairs issued an announcement (hereafter, 'Announcement') that stated further economic sanctions were being put in place on Russian 'groups' and individuals. The Announcement stated that 28 'groups' were being added to the list of those targeted for an asset freeze from the Japanese government, including 26 firms operating in the defence, aviation, and RDI sectors. 

This type of sanction measure relates to 'capital transactions' to/from the groups in question, defined as 'deposit contracts, trust contracts and monetary loan contracts'. The new measures were being put into place from 12 May 2022, according to the Announcement.

In addition to the firms targeted by the sanctions, 398 individuals were also added to the list of those already targeted by asset freezes - however as this is not explicitly commercial, it is not recorded in the GTA taxonomy.

 

AFFECTED SECTORS

 
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Inception date: 12 May 2022 | Removal date: open ended

Controls on commercial transactions and investment instruments

On 12 April 2022, the Japanese Ministry of Foreign Affairs issued an announcement (hereafter, 'Announcement') that stated further economic sanctions were being put in place on two Russian banks. The targeted entities were the Sberbank and Alfa-bank. These two entities will be subject to an asset freeze from the Japanese government, starting on 12 May 2022.

This type of sanction measure relates to 'capital transactions' to/from the groups in question, defined as 'deposit contracts, trust contracts and monetary loan contracts'. The new measures were being put into place from 12 May 2022, according to the Announcement.

In addition to the banks, 26 additional firms were also added to the list of those already targeted by asset freezes (see related intervention), as well as 398 individuals. 

 
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Inception date: 12 Apr 2022 | Removal date: open ended

Import ban

The Japanese government announced on 12 April 2022 that it was implementing a new round of sanctions in response Russia's military invasion of Ukraine. In addition to capital control measures, announcements from the Ministry of Foreign Affairs (MOFA) and Ministry for Economy, Trade and Industry (METI) confirmed that, with immediate effect, imports of several goods including wood, alcoholic beverages and machinery would be prohibited.

The MOFA stated that a 3 month 'grace period' would be allowed for contracts already agreed before the promulgation of the announcement.

 
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Inception date: 12 May 2022 | Removal date: open ended

FDI: Entry and ownership rule

In response to the Russian invasion of Ukraine, the Japanese Ministry of Foreign Affairs (MOFA) issued a press release (hereafter, 'Announcement') on 12 April 2022, which announced more economic sanction measures targeting the Russian state. Included in the Announcement was the implementation of a ban on FDI in Russia by Japanese entities, beginning 12 May 2022.

According to the Announcement, the measures were enacted in order to 'contribute to the international efforts for international peace'. The Announcement also introduced an export ban and more asset freezes; please refer to the other interventions pertaining to this state act for more information on those.

 
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