Japan introduced price restrictions on roneft, but bypassed Sakhalin-2

Japan has set a limit on oil from russia at the level of $60 per barrel (d/b) – immediately after the agreement between the G7 countries and Australia on the price limit for russian raw materials.

Japan introduced a price limit on russian raw oil from December 5. The exception was oil from the Far Eastern russian Sakhalin-2 project. The decision was made “in light of Japan’s energy security,” the government said in a statement.

The fact is that Japanese energy operators own shares in the project after Shell’s exit from it.

Further measures regarding russian oil products, which are to be implemented on February 5, 2023, will be announced later, the statement added.

We will remind you that “Sakhalin-2” is an oil and gas project of russian federation and Japan, within which 60% of the extracted liquefied gas is intended for the Japanese side. Earlier, the Minister of Economy, Trade and Industry of Japan, Koichi Hagiuda, stated that the country would not abandon the project.