Japan announces further sanctions against Russia for its procurement of arms from North Korea

On May 24, 2024, the Japanese government announced further sanctions against the Russian Federation under the Foreign Exchange and Foreign Trade Act, in line with measures taken by other major countries. This measure adds to the sanctions imposed in the previous round of sanctions announced on March 1, 2024. It has been announced that the new sanctions were taken in response to Russia’s procurement of arms from North Korea, which the Japanese government strongly condemns.

The additional measures imposed based on the Cabinet Understanding of “Asset freezes for individuals and entities of the Russian Federation and other measures as of May 24, 2024” are as follows:

Additional asset freezes

One additional individual and nine additional entities of the Russian Federation and two entities from a country other than the Russian Federation or the Republic of Belarus were designated as subject to assets freezes, etc.

1. Payment restrictions
Payments to designated individuals/entities require a license from the Ministry of Finance.

2. Capital transactions restrictions
Capital transactions, including deposit contracts, trust contracts and loan agreements with designated individuals/entities, require a license from the Ministry of Finance.

Please click here for the list of individuals/entities subject to asset freezes.