- Defense & Security
Japan to impose ban on Russia-bound exports of gold from April 5 – MOF
20:36 JST, March 29, 2022
TOKYO, March 29 (Reuters) – Japan will ban the shipment to Russia of precious metals, especially gold, in response to its invasion of Ukraine, the Ministry of Finance (MOF) said on Tuesday.
The ban on Russia-bound precious metal reflects Prime Minister Fumio Kishida’s resolve to impose further sanctions against the country, pledged at last week’s meeting of leaders from the Group of Seven (G7) advanced nations.
The export controls list – including luxury cars, jewelry, cosmetics and liquor – will take effect from April 5.
Japan’s move comes after the United States and Britain took steps to curtail transactions in gold with Russia.
Britain revised its sanctions guidance on Friday to make clear that British entities cannot help Moscow sell its gold reserves, while the U.S. Treasury Department said a day earlier that gold-related transactions involving Russia may be sanctionable by U.S. authorities.
Russia-bound exports of gold would require pre-approval by the finance minister, as the new rule starts to take place on April 5, government officials said.
The latest ban comes on top of curbs on high-tech exports to Russia, including semiconductors, censors and communication equipment.
Kishida has announced plans to revoke Russia’s most-favored-nation trading status, which could lead to higher tariffs on its imports, as well as a ban on certain imports from Russia.
Japan has also frozen the assets of more than 100 Russian individuals and organizations, and is considering extending financial regulations to Japan-based crypto-currency exchanges.
Tokyo has walked a fine line regarding its energy supplies from Russia, stressing the strategic importance of oil and gas projects in eastern Russia, in which the government and Japanese firms hold stakes.
"Politics" POPULAR ARTICLE
Japan, U.S., South Korea Swiftly Share Radar Info for First Time, Letting Japan Track North Korean Missile More Quickly
Japan, U.S., S. Korea Foreign Chiefs Confirm Plans to Work Closely to Strengthen Deterrence
U.S. Warned Japan of China’s Hacking of Official Diplomatic Telegram System; Reinforcing Cybersecurity Key Concern
U.S.: Japan’s Cybersecurity Measures ‘too Little, Too Late’
Japan and U.S. to Commence Training in Late March for Tomahawk Missile Deployment
JN ACCESS RANKING
- Current Account Surplus Doubles in ’23
- ‘All-country’ Stock Mutual Funds Popular with NISA Investors
- Japan Real Wages Fall at Steepest Pace in 9 Years in 2023
- Pressure Mounting for Wage Increases in Shunto Negotiations; Fears about the Response of Struggling SMEs
- North Korean Workers in China Riot over Unpaid Wages; 2,000 Occupy Factory, Kill Plant Manager