ENEOS, Idemitsu suspend signing new Russian oil import contracts Russian supply accounts for 4% of Japan’s oil imports Japan will ban “in principle” Russian oil imports following the latest commitment by leaders of the G7 nations, Prime Minister Fumio Kishida said May 9. Receive daily email alerts, subscriber notes & personalize your experience. Register Now “Based on the latest G7 leaders’ joint statement, we have decided to impose a ban in principle on Russian oil imports,” Kishida told reporters. Kishida’s remarks came after G7 leaders agreed on May 8 to phase out Russian energy, including oil “in a timely and orderly fashion,” while ensuring “stable and sustainable global energy supplies and affordable prices for consumers”. Commenting on Japan’s equity oil imports from Russia, Japan will take steps to phase out the oil imports in order to minimize impact on the people’s lives and the country’s corporate activities, according […]