Japan Freezes the Assets of 25 Russians

The move follows Prime Minister Fumio Kishida’s announcement that Japan will revoke Russia’s “most favored nation” trade status. In reaction to Moscow’s conflict in Ukraine, Japan’s foreign ministry said that it would freeze the assets of 25 additional Russians and block exports to 81 Russian organizations.

Tokyo has announced a slew of penalties on Russia in recent weeks, including sanctions targeting President Vladimir Putin’s deputy chiefs of staff, the Chechen Republic’s president, and officials of enterprises with close ties to the Kremlin.

Impact on Russia’s Central Bank

Russia doesn’t have access to the SWIFT international payments system anymore.

Leading Japanese companies such as Toyota, Honda, Nintendo, and Sony have also suspended exports to Russia, citing logistical, supply chains, and safety concerns. Japan, one of the US’s closest Asian allies, has taken a stronger stance towards Moscow than the rest of the region; most nations refuse to apportion responsibility for the crisis. Only South Korea, Singapore, and the self-ruled island of Taiwan have announced sanctions against Moscow, aside from Japan.

Al Jazeera spoke with Jeffrey Kingston, director of Asian Studies at Temple University in Tokyo. Japan’s vehement retaliation against Russia reflects its own fears about China’s ambitions in its backyard, including claims to the Japanese-controlled Senkaku Islands and self-rule Taiwan.

Japan is attempting to garner support for its stance; it will address territorial disputes without the use of force or coercion and based on international law.

“It is particularly concerned about China’s aspirations for hegemony in Asia and the consequences of Ukraine for Taiwan.”

Japan stands with NATO in the hopes of reciprocating similar unity in Asia and deterring China from invading Taiwan.

Interested in Forex Trading? Read WiBestBroker’s comprehensive review on Super1Investments.