The government has announced that it will set an upper limit on the transaction price of petroleum products such as diesel fuel and gasoline from Russia based on the law.
In response to new sanctions by the G7 = seven major countries, the aim is to suppress the source of funds for Russia, which continues to invade Ukraine.
According to the announcement, the government will implement measures to set an upper limit on the transaction price of Russian petroleum products based on the Foreign Exchange Law = Foreign Exchange and Foreign Trade Law from the 6th.
Specifically, the upper limit is
$100 per barrel for diesel fuel and gasoline, and
$45 per barrel for heavy oil.
On the 3rd of this month, the G7, Australia, and the EU = European Union announced the introduction of new sanctions that would set ceiling prices on Russian petroleum products. Together, they aim to curb Russia's funding sources.
According to the Ministry of Economy, Trade and Industry, since the invasion of Ukraine, no Russian petroleum products have been imported to Japan, and the impact on supply is expected to be limited.
In addition, the government set a ceiling price of $60 per barrel for Russian crude oil last December, excluding crude oil imported from the Far East oil and gas development project "Sakhalin 2".