Japan Balances Energy Needs Amid Russian Sanctions

Japan's Trade Minister Yoji Muto addresses the country's stance on Russian energy imports, amid US and European pressures for Asian countries to reduce their purchases. Despite Japan's alignment with G7 nations to phase out Russian oil, it continues to rely on Sakhalin-2 LNG for energy security.

Japan's Trade Minister, Yoji Muto, affirmed on Tuesday that Japan would prioritize national interest while coordinating with international partners concerning Russian energy imports. The statement follows US pressures for Japan to adhere to sanctions targeting Russian oil and gas.

Despite a G7 agreement to phase out Russian oil, Japan persists in importing liquefied natural gas (LNG) from the Sakhalin-2 project, crucial for national energy security, accounting for 9% of LNG imports and contributing 3% to electricity generation. Japan maintains its commitment to international coordination while gradually reducing Russian energy dependence, according to Muto.

US and European pressures aim to curb Asian reliance on Russian energy, potentially affecting imports to India and leading to cheaper supplies for China. Sanctions have been imposed on Chinese and Indian entities, with more European sanctions anticipated, as Western nations seek to limit Moscow's war financing avenues.

(With inputs from agencies.)