Japan will impose a cap on the purchase price of Russian oil by lowering it in half, in tandem with the Group of Seven (G-7) nations’ campaign against Russia’s invasion of Ukraine, Prime Minister Fumio Kishida said on Sunday.
Kishida said the Japanese government would establish a mechanism to ensure that Russian oil “will not and cannot be bought at a higher price” than the cap, Kyodo News reported.
“We are facing a grave situation in which the order of peace is being shaken. We must show that aggression comes with a heavy price,” he said, without specifying on when the price cap on Russian oil will be enforced….