By Swann Collins, investor, writer and consultant in international affairs. Eurasia Business News – May 9, 2022

Japan will gradually abandon oil imports from Russia, while maintaining its interests in oil and gas projects in the Russian Far East, said the Japanese Prime Minister Fumio Kishida on Monday.

“This is a very difficult decision [to abandon the import of Russian oil], but the unity of the G7 is now most important,” Japanese media quoted Kishida as saying.

At the same time, the Japanese Prime Minister noted that projects on Sakhalin are vital for Japan’s energy security.

“We will take steps to phase out in such a way as to minimize the adverse consequences for the life and business activity of the Japanese, but our plan to preserve our interests (in projects ) remains unchanged,” said the Japanese official.

The government and Japanese companies own stakes in the Sakhalin-1 and Sakhalin-2 projects for the extraction of natural gas and oil.

The British Shell PLC withdrew from the Sakhalin-2 project just a few days after the start of the Russian military operation in Ukraine on February 24. The U.S. company Exxon Mobil Corp. also announced its withdrawal from the Sakhalin-1 project.

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The leaders of the G7 countries on Sunday announced their commitment to phase out imports of Russian oil.

“Today, the G7 expressed its commitment to phase out russian oil imports or ban it altogether,” the White House said in a statement.

The G7 statement emphasizes that these countries agreed to work together to ensure a stable energy supply in the world, intensifying efforts to reduce dependence on fossil fuels.

G7 countries also commit to take steps to prohibit or otherwise prevent the provision of key services on which Russia and its businesses depend. “This will increase Russia’s isolation in all sectors of its economy,” the G7 said.

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© Copyright 2022 – Swann Collins, investor, writer and consultant in international affairs.