Japan bans export of nearly 300 items to Russia, Belarus

Tokyo: Japan has announced to ban the export of nearly 300 items and technologies to Russia and Belarus to halt their military advancements, amid Moscow’s invasion of Ukraine.

The Japanese government has imposed a ban on 266 products including semiconductors, communication equipment and cutting-edge materials, and 26 technologies, including design programs for chip-making machines.

According to the Ministry of Trade, Industry and Economy Japan, the ban would take effect from Friday, March 18.

The Ministry said that export technologies related to oil refining have also been prohibited to Russia.

The ministry added that all kinds of exports to 49 military-related Russian entities and two Belarusian organizations to government agencies and weapon manufacturers have been forbidden.

The export ban has come following the sanctions ramped up by Western countries over Russia as Ukraine’s condition worsens, after the Russian invasion since Feb 24.

Belarus has also faced sanctions after it was accused of aiding the Russian aggression.

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According to the figures provided by Japan’s Finance Ministry, exports to Russia accounted for nearly 1% of their overall 83 trillion yen exports. Japan’s exports to Russia in 2021 were about $7.3 billion. Japan’s biggest export to Russia were shipping vehicles and auto parts.

The G-7 nations have also removed Russian banks from the SWIFT international payment system to isolate Russia from the international financial system and economy.

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Leaders from the UK, France, Canada, Germany, Japan, Italy, the USA and the EU agreed upon revoking Russia’s status as the “most favoured nation”, which helps it ensure the best possible trade on key products.