Japanese industry minister says government intends to phase out Russian oil in a way that ‘minimises adverse effects’.
Japan will decide the timing and method of a Russian oil embargo while considering the possible economic effects, its industry minister said on Tuesday, after Tokyo agreed on a ban with other Group of Seven nations over Moscow’s invasion of Ukraine.
“We would like to consider a method of phasing out over time in a way that minimises adverse effects on people’s lives and business activities,” Japanese industry minister Koichi Hagiuda told a news conference.
“We will think about specific methods and timing for reducing or suspending oil imports, taking into account the actual situation,” he said.
Prime Minister Fumio Kishida said on Monday that Japan will phase out Russian oil imports.
Hagiuda said Japan cannot immediately stop importing oil from Russia but will gradually move away from dependence on…
