In response to Russia's ongoing actions with respect to Ukraine, including the "annexation" of Crimea in 2014, Japan had already implemented the following financial sanctions, in place since 2014:

  1. to freeze assets of individuals and entities considered to be directly involved in the annexation of Crimea or the destabilisation of the eastern part of Ukraine; and
  2. to tighten the export restrictions on arms and dual-use goods for military use to the Russian Federation, and to prohibit the issue of securities by designated Russian banks and their subsidiaries.

As of 1 March 2022, 82 individuals and entities have been designated in respect of (a) and five banks have been designated in respect of (b).

In light of the current military action in Ukraine, Japan has implemented additional measures, including:

  1. to freeze assets of individuals and entities considered to be related to the "Donetsk People's Republic" and the "Luhansk People's Republic";
  2. to freeze assets of other individuals and entities specified by Japan;
  3. to prohibit the issue of securities by the Russian government and designated government entities;
  4. to prohibit imports to and exports from the "Donetsk People's Republic" and the "Luhansk People's Republic"; and
  5. to prohibit imports to specified entities of Russian Federation (Japan will first implement prohibition of receipt of payment commencing from 8 March, 2022).

As of 1 March 2022, 24 individuals and entities have been designated in respect of (c), 10 individuals and entities (including Vladimir Putin and the Central Bank of the Russian Federation) have been designated in respect of (d), three entities have been designated in respect of (e) and 49 entities have been designated in respect of (g).

Further, Japan's Prime Minister, Fumio Kishida, announced on Sunday 27 February 2022 that Japan would join the EU, United States and other countries in blocking certain Russian banks' access to the SWIFT, the principal system for financing international trade, providing a secure messaging system for cross-border payments between participating banks.

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