Japan Coordinates with US as Russia Caps Oil Prices: Official

According to Japanese officials, Japan has agreed to coordinate with the United States by setting a price cap on Russia’s oil exports and putting pressure on Moscow to stop the attack on Ukraine.

Japanese Prime Minister Fumio Kishida met with US President Joe Biden at the G7 summit on Sunday and agreed on the importance of setting a price cap on the Asahi Shimbun in Russia. report, Quoting an unnamed official.

This came as Kishida I told reporters On Tuesday, G7 leaders decided to consider imposing a price cap on Russian oil while ensuring market stability.

G-7 leaders from the United States, Canada, Germany, Italy, Japan and the European Union (EU) consider capping Russia’s oil prices on Tuesday to “prevent Russia from benefiting from the aggression war.” Said.

“We welcome the European Union’s decision to explore with international partners ways to curb energy price increases, including the possibility of introducing temporary import price caps as needed,” the G7 said. Leaders said. Communiqué.

Epoch Times Photo
President Joe Byden of the United States, Prime Minister Olav Schortz of Germany, Prime Minister Justin Trudeau of Canada, Prime Minister Mario Dragi of Italy, President Charles Michel of the European Council, Chairman of the European Commission of Urzula von der Leyen, During the G-7 Summit held in Germany on June 28, 2022, Prime Minister Fumio Kishida of Japan and Prime Minister Boris Johnson of the United Kingdom. (Brendan Smialowski / AFP via Genty Images)

Among the options under consideration are the “possible comprehensive ban on all services” related to the global transport of Russian sea shipping crude and petroleum products.

According to the communiqué, this is “unless oil is purchased below a price agreed in consultation with an international partner.”

“We call on all like-minded countries to consider participating in our actions,” said G7 leaders.

Increased Russian oil and fuel revenues

The US and EU have sanctioned Russia and banned Russia’s oil imports since the invasion of Ukraine in February. These led to a decline in Russia’s exports, but Russia’s profits increased last month due to rising oil and fuel prices.

In a June report, the International Energy Agency estimated that Russia’s oil export revenues would increase by $ 1.7 billion in May to about $ 20 billion due to rising global oil and product prices. I am. “

Despite the ban, the EU continued to be Russia’s major export destination last month, accounting for 43% of Russia’s flow, followed by just over a quarter to China.

Fumio Kishida said earlier this month that Japan is so dependent on energy imports that it “takes time” to phase out Russia’s oil imports. Russia’s oil imports accounted for about 33 million barrels, or 4 percent, of Japan’s total oil imports in 2021.

“About the timing of reduction or stop [Russian] We will consider oil imports while grasping the actual situation. “

Reuters contributed to this report.

Aldograph Redley


Aldgra Fredly is a Malaysia-based freelance writer featuring the Epoch Times Asia Pacific News.

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