FT: Japan, EU oppose total ban on exports to Russia — “this proposal is simply not feasible”

Japan and the European Union oppose a complete ban on all exports to Russia. EU and Japanese diplomats say the proposal is "simply impossible".

This is written by the Financial Times (FT) with reference to relevant documents

The US proposed to replace the current sectoral regime of sanctions against Russia with a complete ban on exports, with some exceptions for agricultural, medical and other products. This is happening against the background of Washingtonʼs dissatisfaction with the existing system of sanctions, which is full of loopholes that allow Russia to import Western technology.

Representatives of Japan and EU countries at a preparatory meeting last week assumed that such a step was impossible. "In our view, this proposal is simply not feasible," said one of the officials, speaking on condition of anonymity.

Other less controversial proposals include additional measures to limit "evasion and circumvention" of existing sanctions and against those who "deliberately support Russian war financing." The fight against sanctions evasion and circumvention is the focus of the US, UK, EU and other allies, with increased pressure on states such as Turkey, the UAE and Central Asian countries, which have increased trade with Russia after Western sanctions were imposed.

In addition, the leaders will announce plans to introduce a tracking mechanism for Russian diamonds to reduce the Kremlinʼs income from their exports.

G7 leaders will meet in Hiroshima on May 19 for a three-day summit dedicated to the consequences of Russiaʼs war against Ukraine, economic security, green investment and the Indo-Pacific region.

• On February 4, the Council of the European Union officially approved price restrictions on oil products exported or originating from the Russian Federation. The marginal price of discounted Russian petroleum products, such as fuel oil, is currently $45 per barrel, and $100 for premium products such as diesel. These are the maximum prices at which oil products from the Russian Federation can be transported by sea to third countries. They came into effect on February 5, 2023.