Sign warning that Economic Sanctions are AheadThe government of Japan has responded to the conflict in Ukraine with the following sanctions measures (listed by date, beginning with most recent). With relevant developments, we will update this post on a weekly basis.

Additional jurisdictions we are tracking include: EU, Republic of Korea, UK and US.

April 20, 2022: Japan officially enacted a law that revokes Russia’s most favored nation status. The change, which takes effect later in April, allows Japan to impose higher duties on most imports from Russia; however, the change will not impact imports of oil and liquefied natural gas.

April 8, 2022: Japan announced that it would ban coal imports from Russia and freeze the assets of certain individuals and entities, including Sberbank, Alfa Bank, and Putin’s daughters.

March 25, 2022: Japan adds 25 Russian individuals and 81 Russian entities to its sanctions list and freezes their assets. Japan also imposes an export ban on luxury goods destined to Russia next week. Japan is also drafting legislation related to digital assets to ensure that sanctioned individuals and entities cannot evade sanctions.

March 18, 2022: Japan adds 15 Russian individuals and 9 Russian entities to its sanctions lists and freezes their assets.

March 16, 2022: Japan announces that it would revoke Russia’s most-favored-nation (MFN) status.

March 15, 2022: Japan adds 17 additional Russian individuals to its sanctions list and freezes their assets.  Additionally, Japan extends export bans to certain cargo and service transactions.

March 8, 2022: Japan’s Cabinet decided “to freeze the assets of people related to Russia and Belarus, prohibit the export of oil refining equipment and the like to Russia, prohibit exports to organizations related to the Armed Forces of Belarus, and prohibit exports of general items considered to contribute to strengthening the military capabilities of Belarus.”

March 3, 2022: Japan announced it would freeze assets held by four additional banks—VTB Bank, Bank Otkritie, Sovcombank, and Novikombank—in accordance with updated EU sanctions.  Additionally, Japan froze the assets of 18 Russian nationals; seven Belarusian government officials, including President Aleksandr Lukashenko and Defense Minister Viktor Khrenin; and two Belarusian entities.

February 25, 2022: Japan froze assets held by Promsvyazbank, Bank Rossiya, and VEB.RF.

February 24, 2022: Japan announced it would suspend the issuance of visas to individuals from the so-called Donetsk People’s Republic (DNR) and Luhansk People’s Republic (LPR); freeze the assets held by those individuals in Japan; prohibit imports from and exports to the DNR and LPR; prohibit new Russian sovereign debt transactions; and further restrict certain designated Russian banks’ ability to issue or offer securities in Japan.

Our related publications: 

Additional US, UK and EU Sanctions on Russia (March 2022)

The US, UK, and EU Impose a Series of New Targeted and Territorial Russia-Related Sanctions(February 2022)

Russia Sanctions Update: What Risk Management Steps Can Be Taken Now? (February 2022)

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