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  • NEWS Desk Global

JAPAN WILL ENSURE STABLE ENERGY SUPPLY EVEN WITH US SANCTIONS


Japan will ensure stable and steady energy supply to the country even after the U.S. imposed fresh sanctions related to Russia's Arctic LNG 2 project, Japan's Chief Cabinet Secretary Hirokazu Matsuno said on Tuesday. The Arctic LNG 2 project is operated by Russia's Novatek (NVTK.MM) while Japanese trading company Mitsui & Co (8031.T) and state-owned Japan Organization for Metals and Energy Security (JOGMEC) hold a combined 10% stake. Mitsui and JOGMEC are set to receive a combined 2 million metric tons of liquefied natural gas (LNG) per year from the project. The latest sanctions are part of several economic measures the U.S., Europe and their allies have taken against Russia in response to its invasion of Ukraine in February 2022, including a soft price cap on Russian oil and fuel exports.

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