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Japan has very limited energy resources itself and is thus a huge net importer. Japan’s Industry Minister Nishimura seems to be resinged to coping with the hand he has been dealt:

  • Certain degree of impact to LNG businesses unavoidable, when asked
    about US sanctions against Russia’s Arctic-2 LNG project
  • Will gauge impact
    with related parties and take appropriate action
  • Will take
    appropriate action to ensure stable energy supply

Japanese company Mitsui & Co says it will invest in the operating company of Russia’s Arctic LNG 2 project.

Arctic LNG-2 project is Russia’s second major LNG project. New sanctions prohibit all related transactions without a special license from the US’ Office of Foreign Assets Control (OFAC) until 31 January 2024. The full scope of the sanctions remains unclear.

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