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Updated May 19th, 2022 at 13:56 IST

Japan announces additional $600 million to help Ukraine fight escalating economic crisis

Japan: In a bid to help Ukraine combat the losses caused by the Russian invasion, the Japanese govt has decided to double its monetary aid to Ukraine

Reported by: Amrit Burman
Japan
Image: AP | Image:self
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In a bid to help war-ravaged Ukraine combat the losses caused by the Russian invasion, the Japanese government has decided to double its monetary aid to Ukraine. Earlier, in April, it was announced that a loan worth $300 million (Rs 2,330 cr) would be provided to Ukraine given the scale of devastation that the war has inflicted on Ukraine, but now Japan has decided to double the loan amount and provide a total of $600 million to the conflict-torn nation.

According to the Japan International Cooperation Agency (JICA), the assistance would be co-financed with the World Bank. This decision was announced by the Japanese PM, Fumio Kishida, on Thursday. On Monday, the Japanese government also signed a 13 billion yen ($100 million) loan arrangement that will be included in the budget of the Ukrainian government. According to JICA, this loan would be used to promote "de-monopolization and anti-corruption institutions," enhance "land and credit markets," and boost the "social safety net".

Japanese sanctions against Russia

Since the start of the war, Japan has condemned the decision of President Vladimir Putin to invade Ukraine. The G7 nations have also imposed tough sanctions on Russia, frozen assets in Russia, and even ceased all business operations in Moscow. Moreover, Tokyo has also targeted high-profile Russians, including the Russian Prime Minister, Mikhail Mishustin; Deputy Security Council Secretary Rashid Nurgaliyev; LPR and DPR officials; and relatives of Russian businessmen Gennady Timchenko. More than 130 individuals have been targeted in Japan's latest sanctions. 

As per the TASS report, the Japanese government has also imposed additional export restrictions on Russian enterprises tied to the Russian defence sector, including Tactical Missile Armaments Corporation, as well as Almaz-Antey, among others. Moreover, Tokyo has also imposed restrictions on the export of more than 300 products that include semiconductors, maritime and aviation security devices, telecommunications equipment, and military items, including weapons, software, and oil refining machinery.

Russia-Ukraine War

It is pertinent to mention here that after Moscow launched an aggressive military operation against neighbours Ukraine, the hostilities between the two nations have led to deaths and destruction in war-torn nations. The war has united the western nations to stand against Russia. So far, several sanctions have been imposed and several Russians have been banned from entering western nations, with over 200 private companies ceasing their operations in Russia.

Image: AP

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Published May 19th, 2022 at 13:56 IST

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