Japan resumed imports of Russian oil in July
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In July, Japan resumed oil imports from Russia, should from data from the Japanese Ministry of Finance.
At the same time, the volume of Russian oil imports decreased by 65.4% compared to the same period in 2021. The volume of supplies of liquefied natural gas (LNG) from Russia fell by 26.1% compared to the previous year, and coal – by 40.1%.
Also in July, Japan significantly increased the volume of oil supplies from the Middle East region – by 10%. Separate statistics for each country in the region are not provided. Total imports from all over the world in Japan rose by 3.8% last month.
In June, imports of Russian oil to Japan was reduced down to zero. At the same time, the country increased LNG supplies from Russia by 26.4% year-on-year to 617,000 tons. At the same time, imports of Russian coal also fell. The reduction amounted to 59.5%. In June, Japan bought 765,000 tons of coal from Russia.
In May, Prime Minister Fumio Kishida announced that Japan would phase out Russian raw materials. Then he noted that “coordinated actions” are important for the G7 countries. Nevertheless, the country does not intend to withdraw from the oil and gas projects Sakhalin-1 andSakhalin-2“.
In early June, the EU countries introduced the sixth package of sanctions, which included an embargo on offshore oil supplies. Also, the leaders of the G7 countries said they plan to limit the price of Russian oil. They want to take such a measure to reduce Russia’s income from the sale and stabilize energy prices. On July 3, Kishida noted that the cost of Russian oil could be halved.
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