Japan Freezes Russian Bank Accounts

by Olha Povaliaieva
Thursday, May 12, 2022
Japan Freezes Russian Bank Accounts

Due to the Russian attack on Ukraine, Japan has taken several steps to limit the economic amplitude of Russia, including blocking the funds of "Sberbank"/"Alfa-Bank"

On May 12, the Japanese government froze assets in the accounts of Russian banks Sberbank and Alfa-Bank. Also, Japanese citizens can no longer make deposits in Russian banks if the income is more than 10% of the investment amount. Sanctions also shackle loans with a maturity of 12 months or more.

According to the Japanese Ministry of finance, in 2021, the state invested $470 million in Russia. New sanctions will affect not only new Russian businesses but also Japanese ones. Already today, due to European sanctions, Japanese business in Russia is facing difficulties, and a package of sanctions from Russia will exacerbate the situation. Thus, those who continue to operate in the aggressor state will have to look for new ways to develop enterprises. This is reported by the Japanese news resource Kyodo News.

"The Japanese government announced the sanction plan on April 12 as Russia continued its aggression against Ukraine after launching a full-scale attack in late February. The alleged killings by Russia of innocent civilians in areas near the capital Kyiv have prompted Japan to go further in punishing Moscow and target the Russian energy sector, seen as a tough choice for a nation that relies heavily on imports to satisfy domestic energy needs," Kyodo News.

We remind you that Japan has frozen the assets of Vladimir Putin and his associates.

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