Japan to ban export of luxury cars to Russia over Moscow's military offensive in Ukraine

Amid the Russian military offensive in Ukraine, the Japanese government on Tuesday, March 29, agreed to plans of imposing a ban on exports of luxury cars and other items to Russia. The Cabinet ministers agreed to revise the ordinance to implement the ban on exports of luxury cars, jewellery and other artworks to Russia starting from April 5, Kyodo News reported. The decision has been taken by the Japanese government as part of the economic sanctions over its military attack on Ukraine. 

The ban announced by Japan on exporting items to Russia is in line with similar actions taken by the United States and European countries. The measure is targeted to pressurise oligarchs who have been providing financial support to Russian President Vladimir Putin. Addressing a press conference, Kochi Hagiuda, minister of economy, trade and industry, said that they will continue to make efforts alongside the international community including the Group of Seven nations, to implement “tough sanctions” against Russia, as per the Kyodo News report. A similar sanction on luxury goods exports was announced by Japan against North Korea in 2006 after Pyongyang launched a nuclear missile test.

Japan's response to Russia over invasion of Ukraine 

Following Russia’s invasion of Ukraine, Japan revoked Russia’s “most favoured nation” status. In response to Russia's military offensive, the Japanese government announced prohibiting imports of certain goods and exports of luxury goods. Furthermore, they imposed sanctions on exports to Russian military-related entities, on exports of controlled items listed on the internationally agreed list and on other goods like semiconductors. Russia has restricted transactions with Russia’s central bank and frozen assets of seven Russian banks including VEB.RF, Bank Rossiya, VTB Bank, Sovcombank, Novikombank, Promsvyazbank, Bank Otkritie and their subsidiaries in Japan.

The Japanese government has also frozen the assets of people related to the Russian government including Russian President Vladimir Putin and Russian business oligarchs. The Japanese government has disallowed the transaction of new Russian sovereign debt in the primary and secondary market.

Russia-Ukraine War 

As the war between Russia and Ukraine entered its second month, the Ukrainian Defence Ministry on Tuesday, March 29, claimed that about 17,200 Russian troops have lost their lives since Russia began its military offensive against Ukraine on February 24.

According to the Ministry, Russia has lost 1,710 combat armoured machines, 54 anti-aircraft warfare systems, 303 artillery systems, 96 MLRS, 597 tanks, 129 helicopters, 127 aircraft. Furthermore, Russian armed forces have lost 71 unmanned aerial vehicles, seven vessels including ships and boats, 73 fuel tanks and 21 special equipment, according to the Ukrainian Defence Ministry. 

(Image: AP)