Japan plans to scale back imports of Russian LNG

"Japan has steadily reduced dependency on Russian energy in the wake of the Ukraine war," Trade Minister Yoji Muto noted, without specifying the timeline for a possible complete cessation of Russian energy imports.

Muto stated that supplies of liquefied natural gas from Russia’s Sakhalin-2 project account for approximately 10% of Japan’s total LNG imports and remain an important element of its energy stability.

According to the minister, replacing Russian supplies would require significant expenditures. He added that the LNG market in Asia will remain tight in the near future, and rising fuel procurement costs could lead to higher electricity prices for consumers.

He also added that Japan’s government intends to coordinate its actions with international partners, including the G7 countries, making decisions with consideration for the state's national interests and energy security.

Bloomberg noted that Japan has never announced plans to immediately halt purchases of Russian LNG, even as its European allies tighten restrictions to reduce financial flows to Moscow. As a result, Japan remains the only G7 member that has not yet set a deadline for a full phase-out of Russian gas.

At the same time, Japanese trading corporations hold stakes in the Sakhalin-2 project, which is the LNG export terminal closest to Japan. Most of the supplies are made under long-term contracts valid until the 2030s.

Russia increased LNG exports

Earlier, Bloomberg reported that, according to vessel-tracking data, the Arctic LNG-2 export terminal has already shipped its 10th cargo of fuel since late June. Previously, deliveries were primarily sent to a port in southern China or to gas storage facilities in Russia’s Far East.

Despite renewed trade tensions between Washington and Beijing, the United States has not yet imposed additional restrictions on Russian liquefied natural gas supplies.