February purchases had been reportedly made above the worth restrict agreed by Tokyo and its Western allies
Japan bought Russian crude oil at $68.5 per barrel in February, TASS news company reported on Thursday, citing calculations based mostly on statistics from the Japanese Finance Ministry.
The determine is above the $60 value cap that Tokyo agreed to with its Western allies, in an effort to punish Russia over the battle in Ukraine.
Last month, Japanese importers reportedly purchased 232,700 barrels of oil from Russia with a complete worth of two.125 billion yen ($15.945 million). The common price of a barrel from the February batch totaled $68.52, exceeding the Western value cap for Russian oil supported by Japan.
The measure, which got here into drive in December, bans Western firms from offering insurance coverage and different companies to shipments of Russian crude except the cargo is bought at or beneath the set value. Another embargo banning nearly all imports of Russian petrochemicals, and introducing value limits on diesel and different oil merchandise, kicked in on February 5.
Tokyo has joined the worth ceiling on Russian oil imports as a part of a coordinated effort to decrease Moscow’s oil revenues. The plan was pitched by Washington and backed by the G7, EU and Australia. However, Japan excluded oil imports from the Sakhalin-2 LNG mission from the cap, stating that such a transfer would endanger the nation’s vitality safety.
Sakhalin 2 provides Japan with liquefied pure fuel (LNG), which accounts for roughly 9% of Japan’s complete LNG imports and three% of its energy provide.
In February, the president of Japan’s Petroleum Association, Shunichi Kito, stated Tokyo might resume oil imports from the mission whether it is deemed obligatory to make sure an uninterrupted provide of LNG. According to the Economy Ministry, Sakhalin-2 might should cease each the manufacturing and liquefaction of pure fuel if the oil reservoirs on the web site overfill, which may happen if a suspension of shipments results in crude not being taken out.
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