Trade between Russia and Japan saw an annual increase of 10% in the fourth quarter of 2022 despite Ukraine-related sanctions introduced against Moscow by Western countries.
Bilateral trade reportedly increased to 2.365 trillion yen (about $18 billion).
The increase was attributed to the current setback on the global energy market, as oil prices soar higher due to economies re-opening after Covid-19, followed by sanctions against Russia and Moscow’s retaliatory measures.
Russia, one of the world’s biggest exporters, remains one of the major suppliers of liquefied natural gas (LNG) to Japan despite sanctions.
Meanwhile, Japan’s foreign exports to Russia dropped by 30.7% to some 540 billion yen (about $4.14 billion).
Japan’s sanctions on Russia targeted more than 50 enterprises and more than 900 individuals.
The Japanese government also froze the assets of major Russian banks and the assets of close to 40 Russian companies and organizations