Live Updates > Live Update Details
2025-10-29 16:30:02
[Energy Game Intensifies! Japan's "No" to Russian Ban Hides Three-Tiered Crisis] ⑴ Japanese Prime Minister Sanae Takaichi stated clearly during a meeting with the US President in Tokyo on Wednesday that banning imports of Russian liquefied natural gas (LNG) would be difficult for Japan. ⑵ Russian LNG currently accounts for nearly 9% of Japan's total imports, with Mitsui and Mitsubishi holding stakes in the crucial Sakhalin-2 project. ⑶ The US urged Japan and other Russian energy buyers to halt imports ahead of its leaders' Asia trip and imposed sanctions on Russia's two largest oil exporters. ⑷ Takaichi emphasized that other countries would benefit if Japan withdrew from energy projects and asked the US to understand Japan's current energy needs. ⑸ Japan's Minister of Industry pointed out last week that replacing supplies from the Sakhalin-2 project would be extremely costly and lead to higher electricity prices; most of the project's supply will cease between 2028 and 2033. ⑹ According to institutional data, Japan imports less than 1% of its oil from Russia, with most of its oil supply still dependent on the Middle East.
