TOKYO, March 16. /TASS/. Japan purchased a small volume of oil from Russia in February at the average price of $68.5 per barrel, which is above the price cap set by Tokyo together with other countries for Russian oil excluding supplies from the Sakhalin-2 project, according to TASS’ calculations based on data released by the Japanese finance ministry on Thursday.
In particular, Japan purchased 37,000 kiloliters (around 232,700 barrels) of oil from Russia in February. The total cost of oil imports was 2.125 bln yen (or $15.945 mln). Consequently, the cost of one barrel from this batch equaled $68.52, which exceeds the price ceiling on Russian oil of $60 per barrel set by G7 nations.
Tokyo joined other G7 countries in the implementation of the mechanism of price cap on Russian oil. However, an exception was made for supplies from the Sakhalin-2 project, with its main product being LNG, while oil supplies contingent on gas contracts. Japan receives around 9% of all LNG imports from Sakhalin-2, whereas Russian gas accounts for around 3% of all power generation.