Can Art Older Than 100 Years Be Exported From Russia

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Japan to ban Russia-jump exports of luxury cars, goods from April 5

Illustration shows letters arranged to read "Sanctions" in front of Russian flag colors

Past Kantaro Komiya

TOKYO (Reuters) -Nihon will ban the export of loftier-cease cars and other luxury goods to Russia in its latest response to the Russian invasion of Ukraine, the merchandise ministry building said on Tuesday.

The partial ban on Russian federation-bound auto items, which account for more than half of Nihon'south exports to Russian federation, came after Prime Minister Fumio Kishida made a delivery to place more sanctions on Russian federation at a Group of Seven summit last week.

The new items on the export control listing, to take upshot from April v, bridge 19 categories, from cars worth more than six meg yen ($48,630) to jewellery, watches, cosmetics, liquor and art priced at more than than twoscore,000 yen, the Ministry of Economy, Trade and Industry said in a statement.

Russian federation-bound exports of boat engines worth more than than one.3 million yen, motorcycles worth over 600,000 yen and grand pianos priced at more than than 200,000 yen will also be banned, the ministry said.

Nihon'southward ban on luxury exports to Russia, first announced past Kishida on March 16, followed steps by the Usa and European countries to impose sanctions on Russia for its invasion of Ukraine. Russia says information technology is conveying out "a special war machine operation" in its southern neighbour.

"In cooperation with the U.S. and the EU, Japan joins the sanction against Russian oligarchs and the ruling class," a ministry official told a media briefing.

'Certain Affect'

The inclusion of luxury cars on the list "may accept a certain bear upon" on Japanese exports, but non a sizable 1, the official said, calculation Japanese cars sold to Russia are mostly models that sell for less than half dozen one thousand thousand yen.

In 2021, Nihon sold 358 billion yen worth of automobiles to Russia, making it Nihon's primary export item to Russia, equivalent to 41.5% of Japan's exports in that location, according to government trade data.

Exports of car parts were worth 100 billion yen, or 11.half-dozen% of total exports to Russia, last yr. Shipments of chassis and automobile bodies worth more than 2 million yen to Russia will likewise be banned, the ministry said.

Nihon has already banned loftier-tech exports to Russia such as semiconductors, censors and communication equipment.

The new items will take the total to about 310 items on the Russian consign blacklist, the ministry official said.

Kishida has too announced plans to revoke Russia'due south most-favoured nation trading status, which could lead to higher tariffs on its imports, as well equally a ban on certain imports from Russia.

Nippon has besides frozen assets of more than 100 Russian individuals and organisations, while it is considering extending financial regulations to Japan-based crypto-currency exchanges.

Japan, however, has walked a fine line regarding its energy supplies from Russia, stressing the strategic importance of oil and gas projects in eastern Russian federation in which the government and Japanese firms hold stakes.

($1 = 123.3800 yen)

(Reporting past Kantaro Komiya; Editing past Christopher Cushing, Robert Birsel)

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Source: https://finance.yahoo.com/news/japan-ban-russia-bound-exports-010159607.html

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