Japan Govt to Submit Law Revisions for Sanctions on Russia

Politics

Tokyo, March 31 (Jiji Press)--The Japanese government is slated to submit law revisions to implement sanctions against Russia, including stripping it of preferential tariff measures, during the ongoing ordinary session of the Diet, Japan's parliament.

A bill to revise the temporary tariff measures law will allow Japan to raise its tariffs on Russian seafood, such as salmon and trout, from 3.5 pct to 5 pct and on lumber from 4.8 pct to 8 pct, informed sources said. Some items including liquefied natural gas and palladium will be kept free of duty.

Under World Trade Organization rules, Japan has been applying preferential tariff rates to imports from Russia. Following a Group of Seven statement on the revocation of Russia's most-favored-nation trade status, Japanese Prime Minister Fumio Kishida said on March 16 that his country would keep step with its G-7 partners on the matter.

Meanwhile, the government is preparing a bill to revise the foreign exchange law to prevent highly anonymous cryptocurrency transactions from being used as a loophole in sanctions.

The bill will call for newly restricting the transfer of assets from sanction targets to third parties and obliging cryptocurrency exchange service providers to check when transferring cryptocurrencies that recipients are not on sanctions lists, the sources said. Regulations for such providers will become as strict as those for banks.

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