Japan Prioritizes Energy Security as Sakhalin-2 Avoids Sanctions Impact

"We are aware of the sanctions announced by the US against financial institutions, including Gazprombank. According to the US statement, Gazprombank's operations on Sakhalin-2 and Sakhalin Energy are not subject to sanctions. Thus, we believe that the Sakhalin-2 project will not be affected. The Sakhalin-2 project is important from the point of view of Japan's energy security. We will make every effort to ensure that there are no obstacles to ensuring stable energy supplies to Japan," Hayashi said.

On Thursday, the US Treasury Department’s Office of Foreign Assets Control (OFAC) announced a new package of sanctions against Russia that includes 118 individuals and entities, including Gazprombank and six of its foreign subsidiaries.