Japan said it would phase out and eventually ban the import of Russian oil, reversing its earlier stance after a meeting of Group of Seven leaders
TOKYO—Japan said Monday it would phase out and eventually ban the import of Russian oil, reversing its earlier stance after a meeting of Group of Seven leaders.
“Japan relies on imports for most of its energy resources, so this is a very difficult decision, but right now the unity of the G7 is more important than anything else,” said Prime Minister Fumio Kishida. “We have decided to take the step of banning imports of Russian oil in principle.” Mr. Kishida joined a video meeting of leaders from the G7 countries on Sunday U.S. time to discuss sanctions on Russia and other Ukraine-related issues. Afterward, the leaders of the nations—the U.S., Canada, Japan, Germany, France, the U.K. and Italy—saying that they “commit to phase out our dependency on Russian energy, including by phasing out or banning the import of Russian oil.”
Japan hasn’t decided yet how quickly to phase out Russian oil purchases or when the full ban would take effect, Mr. Kishida said. He also said Japan would maintain its stakes in Russian energy projects. A Japanese government-led consortium owns a 30% stake in the Sakhalin 1 oil-producing project on the Russian island of Sakhalin. Exxon Mobil Corp., which also owns 30% of Sakhalin 1, took
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