On September 12, 2025, the Government of Japan announced new measures under the Foreign Exchange and Foreign Trade Act.
The measures are based on Cabinet Understandings regarding asset freezes and restrictions on imports and services linked to Russian-origin crude oil traded above the price cap.
According to the Ministry of Foreign Affairs Notice issued the same day, asset freeze measures will apply to 47 entities and 9 individuals from the Russian Federation, and 3 entities from countries other than the Russian Federation and the Republic of Belarus. Payments and capital transactions with those listed parties are subject to approval.
The government also introduced a prohibition on exports to 2 entities in the Russian Federation and 9 entities in other countries excluding Russia and Belarus.
In addition, Japan lowered the price cap on seaborne Russian-origin crude oil from USD 60 to USD 47.6 per barrel. Imports of crude oil exceeding this threshold, as well as related capital transactions and services, will require approval from the Minister of Finance or the Minister of Economy, Trade and Industry.
The new price cap took effect on September 12, 2025. Exceptions will apply to imports unloaded in Japan on or before October 17, 2025, and to contracts concluded before September 12, provided the oil was shipped prior to that date and unloaded on or before October 17.