Japan Reduces the Price of Russian Oil to $47.6 per Barrel in a Coordinated Move with Allies

The Japanese government has decided to lower the maximum ceiling for the price of Russian crude oil to $47.6 per barrel, starting from Friday, September 12, as part of international efforts to increase pressure on Moscow amid the ongoing war in Ukraine.

The announcement of this move came during a regular press briefing by Chief Cabinet Secretary Yoshimasa Hayashi, who stated: "Japan will also impose new sanctions that include asset freezes and tightened export controls targeting entities in Russia and other countries."

This Japanese move follows a similar decision made by the European Union last July, when it lowered the ceiling on the price of Russian oil to the same level ($47.6) as part of the eighteenth package of sanctions against Russia, reflecting a broad international consensus on this policy.