Japan to Cap Russian Oil at Half Current Price: Kishida

Japan to Cap Russian Oil at Half Current Price: Kishida
Japan's Prime Minister Fumio Kishida addresses a press conference next to German Chancellor Olaf Scholz and US President Joe Biden during the G-7 Summit at Elmau Castle, southern Germany, on June 26, 2022. Jonathan Ernst/ AFP via Getty Images
Aldgra Fredly
Updated:

Japan will impose a cap on the purchase price of Russian oil by lowering it in half, in tandem with the Group of Seven (G-7) nations’ campaign against Russia’s invasion of Ukraine, Prime Minister Fumio Kishida said on Sunday.

Kishida said the Japanese government would establish a mechanism to ensure that Russian oil “will not and cannot be bought at a higher price” than the cap, Kyodo News reported.