Japan Imposes Additional Sanctions on Four Russian Banks

Total Asset Freeze of Seven Banks

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Cho Hyun-ui] The Japanese government announced on the 3rd that it will additionally freeze the assets of four Russian banks. This decision aligns with the European Union (EU)'s move to exclude seven banks, including these four, from the Society for Worldwide Interbank Financial Telecommunication (SWIFT) payment network.

According to Kyodo News, Japanese Finance Minister Suzuki Shunichi stated that the assets of four banks ? VTB Bank, Bank Otkritie, Sovcombank, and Novikombank ? which are Russia's second-largest banks, will be frozen.

All four banks have close ties with the Russian government.

Previously, Japan designated three banks for asset freezing: the Central Bank of the Russian Federation (Bank Rossiya), the state-owned Vnesheconombank (VEB), and the Promsvyazbank (PSB), a special bank supporting the defense industry.

Finance Minister Suzuki said, "We will properly implement the sanctions together with several countries in the Group of Seven (G7)."

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