Japan Joins Western Measures To Limit Price Of Russian Oil Products - Foreign Ministry

TOKYO (UrduPoint News / Sputnik - 06th February, 2023) Japan has joined the European Union and G7 countries in introducing a price cap on Russian oil products, the Japanese Foreign Ministry said on Monday.

"In connection with the current situation in Ukraine and as a contribution to the international efforts being made to solve this problem and for world peace, as well as taking into account the content of the measures taken by the leading countries and the decision of the Cabinet of Ministers of December 5, 2022 ... Our country is introducing measures to ban the imports of crude oil and oil products produced in Russia above the marginal price," the ministry said.

The measures came into effect on February 6. The exception is previously concluded supply transactions, for which the loading was completed before this date, the ministry added.

In December, the European Union imposed an embargo on Russian crude oil, and along with the Group of Seven and Australia, agreed to a $60 per barrel price cap on oil.

On Friday, the EU agreed to the European Commission's proposal of a $100 per barrel ceiling for Russian diesel fuel, and $45 per barrel for discounted products such as fuel oil.

In response, Moscow banned the supply of Russian oil and oil products if the contract directly or indirectly provided for a price cap in line with a decree signed by Russian President Vladimir Putin. At the same time, the presidential decree allows for the possibility of issuing special permits.