Tokyo has unveiled a new package of sanctions against Russia in connection with Moscow’s military operation in Ukraine, Asahi news outlet reports. However, the latest restrictions exclude imports crucial for the Japanese economy, including seafood and energy.
The expanded list includes a ban on the import of Russian beer and vodka, engine parts for ships, aircraft, cars and motorcycles, veneer, certain types of wood and wood chips. The ban comes into effect on April 19. It did not include a ban on Russian fish and seafood, which make up 8.9% of Japanese imports. Tokyo also avoided targeting supplies of Russian crude oil and natural gas, on which the country is heavily dependent.
However, according to the publication, Japan’s dependence on Russian wood products is much higher. Russia accounted for up to 80% of purchases for some items in Japanese wood imports last year. Nearly 60% of veneer comes to the Japanese market from Russia, and analysts say the import ban will lead to a spike in the cost of property construction, by 5-10%.