The upper chamber of the Japanese parliament voted to uphold amendments to the country’s legislation, needed to toughen economic sanctions against Russia over its special military operation in Ukraine.
Earlier, the amendments received key approval from the lower chamber of the legislature.
Lawmakers supported the decision to amend the law on foreign currency in order to prevent loopholes in the Japanese sanctions, including in the cryptocurrency domain.
Moreover, the Japanese parliament supported a temporary increase in tariffs, due to its earlier decision to revoke Russia’s status of most favored nation in trade. This includes increasing tariffs on timber imports from 4.8% to 8%, on salmon and caviar from 3.5% to 5%, on crabs - from 4% to 6%. The measures will be in place until April 23 at the earliest.
The Finance Ministry of Japan estimates the overall increase in tariffs on Russian imports to be worth 3.9 billion yen (over 30.3 million). At the same time, Russia’s main export goods - oil, liquefied natural gas and nonferrous metals will not be affected by the move.
