Recent Japanese sanctions measures imposed against Russia Further to our Circular No. 25-009 dated 31 July 2025 on the EU’s 18th sanctions package and UK sanctions against Russia, the Government of Japan has introduced the following measures.   Asset Freeze measures   Payments and capital transactions involving the following entities as listed in the Ministry of Foreign Affairs Notice (issued on 12 September 2025) are now subject to the approval of the Minister of Finance : entities and individuals of the Russian Federation (47 entities and 9 individuals) ; individuals and entities considered to be directly involved in the “annexation” of the Autonomous Republic of Crimea and the City of Sevastopol or the destabilization of Eastern Part of Ukraine, as well as individuals and entities of eastern and southern regions of Ukraine, which are considered to be directly involved in the purported “incorporation” by Russia (5 individuals and 1 entity) ; and entities of countries other than the Russian Federation and the Republic of Belarus (3 entities) .   Prohibition on exports to specific entities of the Russian Federation and countries other than the Russian Federation and the Republic of Belarus   Prohibition on exports to 2 specific entities of the Russian Federation and 9 specific entities of countries other than the Russian Federation and the Republic of Belarus listed in the Ministry of Foreign Affairs Notice (issued on 12 September 2025) has been introduced.   Reduction of the price cap on Russian crude oil transactions   The relevant price cap for Russian origin crude oil has been reduced from US$ 60 to US$ 47.60 per barrel. This took effect on 12 September 2025. The lowered price cap applies to imports of Russian crude oil and the performance of obligations and the provision of services or benefits related to such oil, further to contracts concluded on or after 12 September 2025. However, the former price cap applies to: imports of Rus