Japan resumes Russian oil imports — RT Business News


Japan resumed buying Russian oil in July, according to information released by the country’s finance ministry on Wednesday.

In the previous month, imports fell to zero as local refiners began phasing out Russian crude under Ukraine-related sanctions.

Although the ministry did not disclose the exact volume, it said oil imports from Russia in July were 65.4% lower than the same period last year. The volume of liquefied natural gas (LNG) imports from Russia also decreased by 26.1% compared to July 2021, while coal imports fell by 40.1%.

Despite the drop in physical volumes, the value of Russian fuel exports to Japan increased by 45.1% compared to last year due to the increase in global raw material prices.

In May, Japan’s Economy, Trade and Industry Minister Koichi Hagiuda promised that Tokyo would gradually reduce its dependence on Russian energy resources, but said it could not give up Russian oil immediately. Japan also supports the G7 plan to impose a price cap on Russian oil, which is currently under discussion.

READ MORE:
Japan won’t abandon Russian energy project: minister

Meanwhile, Japan has also significantly increased its crude imports from the Middle East. They increased by 10%, while total oil imports from all countries to Japan increased by 3.8%. The Middle East region accounts for more than 90% of Japan’s total oil consumption, but because of its proximity, Russia is a valuable energy supplier for the country.

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