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“The sanctions imposed on Wednesday [September 24] have only the effect of announcement. Japan demonstrated that it followed the US and EU policy in its approach towards Russia,” he said.
However, Nagano said: “These sanctions won’t have real impact either on the economy of Russia or on the economy of Japan.”
“The financial market did not react to Japan’s de facto ban on five Russian banks from issuing securities. Their relations with Japan were earlier insignificant. The effect of sanctions in the financial sphere is close to zero,” he said.
On Wednesday, September 24, the government of Japan imposed sanctions against Russian major state-owned banks over Russia’s stance on developments in neighbouring Ukraine. The new sanctions apply to Sberbank, Vnesheconombank (VEB), Vneshtorgank (VTB), Gazprombank and Russian Agricultural Bank. The sanctions ban these banks from issuing securities in Japan.
In early August, the Japanese government approved the third portion of sanctions on Russia over the situation in Ukraine. The country published the names of 40 individuals and two organizations which, in Tokyo’s view, “are involved in destabilisation of the situation in Ukraine.”
The sanctions list included Crimean officials, representatives of the self-proclaimed Donetsk and Luрansk People’s Republics and two Crimean companies. According to these sanctions, if the accounts of those individuals on the sanction list are found at Japanese banks they will be frozen.
As Japanese officials earlier admitted, these sanctions were mostly symbolic and were intended to demonstrate solidarity with the steps taken by the United States and the European Union. Tokyo had avoided until now taking any measures affecting economic relations between Japan and Russia.