Japanese Minister Expresses Concern Over U.S. Sanctions on Russia and Safety of Japan’s Energy Supply

US Sanctions on Arctic LNG 2 Project in Russia

At a post-Cabinet conference on the 20th, Economy, Trade and Industry Minister Yasutoshi Nishimura expressed his concerns about the US government’s recent imposition of additional sanctions against Russia. The sanctions specifically targeted the Arctic LNG 2, a liquefied natural gas (LNG) development project in the Arctic. Nishimura acknowledged that while some impact on business is unavoidable, he also stated his willingness to travel to the United States if necessary.

Tensions with the US

The US government’s announcement earlier this month regarding the imposition of sanctions on the Arctic LNG 2 project has sparked concerns. Minister Nishimura reiterated that there will be inevitable effects on business and expressed his readiness to engage with the United States directly.

Japan’s Energy Supply

Minister Nishimura reaffirmed the importance of the Arctic LNG 2 project for Japan’s stable energy supply and stated that they are currently assessing the potential impact. He emphasized the intention to collaborate with the Group of Seven countries (G7) to protect Japan’s energy supply.

Security Concerns

The recent seizure of a car carrier operated by Nippon Yusen by a pro-Iranian armed group in the Red Sea has raised concerns about the impact on Japan’s economy. Minister Nishimura stressed the importance of ensuring the safety of navigation and its significance for Japan’s economy.

Monitoring the Situation

While Minister Nishimura indicated that there is no immediate impact on Japan’s energy supply, he also noted the possibility of the issue escalating to other sea areas. He assured that the government will continue to closely monitor the situation in the Middle East and international energy market trends.

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At a post-Cabinet conference on the 20th, Economy, Trade and Industry Minister Yasutoshi Nishimura reiterated his concerns about the US government’s additional sanctions against Russia earlier this month, which targeted Arctic LNG 2, a liquefied natural gas (LNG) development project in the Arctic While noting that some impact on business is inevitable, he also said that he would go to the United States if necessary. Photo taken in September in Tokyo (2023 Reuters/Issei Kato)

TOKYO (Reuters) – Economy, Trade and Industry Minister Yasutoshi Nishimura said at a post-Cabinet conference on the 20th that the US government announced earlier this month that it would target Arctic LNG 2, a liquefied natural gas (LNG) development project in the Arctic region, with additional sanctions against Russia. Regarding the incident, he reiterated that some impact on business is inevitable, and expressed his intention to go to the United States if necessary.

Economy, Trade and Industry Minister Nishimura said that this project is important for Japan’s stable energy supply, and explained that they are currently examining the details of the impact. “After carefully examining the impact, we would like to make the necessary appeals to the United States if necessary,” he said. He expressed his intention to work with the Group of Seven countries (G7) to take measures to ensure that Japan’s stable energy supply is not compromised.

The seizure of a car carrier operated by Nippon Yusen (9101.T) in the Red Sea by a pro-Iranian armed group, the Houthi group, has been flagged as “could have an impact on Japan’s economy,” including issues such as the supply chain, he emphasized that ensuring the safety of navigation is of the utmost importance.

Although he acknowledged that there would be “no immediate impact on Japan’s stable energy supply,” since the area off the coast of Yemen is an area where crude oil tankers and LNG ships imported by Japan do not travel very often, he a possibility too. that the issue could spread to other sea areas. With this in mind, he said he will continue to closely monitor the situation in the Middle East and trends in the international energy market.

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