TOKYO, Reuters – Japan has agreed to a ban on Russian oil imports with the Group of Seven (G7) countries to stop Moscow’s invasion of Ukraine. Prime Minister Fumio Kishhida stated Monday.

At an online meeting held on Sunday, G7 nations agreed to move “in a timely manner and orderly manner” to increase pressure on President Vladimir Putin. Members such as Japan are dependent heavily upon Russian fuel.

This is a difficult decision for a country dependent heavily on imports of energy. However, G7 coordination at a moment like this is crucial,” Kishida said to reporters. He repeated comments made at the G7 meeting.

He said, “As to the timing of reduction or suspension of (Russian oil imports), we will think it over while looking at the current situation.” We will be patient and take the necessary steps to achieve a phase out. He didn’t elaborate.

According to data from Refinitiv, there have not been any ships shipping Russian oil to Japan since April mid-April. In April, Japan exported 1.9 million barrels of Russian oil to Japan. This is 33% less than the previous year.

In March, the country imported total of 89 millions barrels oil.

GRAPHIC-Japan imports since 2013 https://fingfx.thomsonreuters.com/gfx/ce/gkvlgkeyzpb/JapanCrudeImports.png

Japan’s dependence on Russia has been highlighted by the Ukraine crisis. However, Tokyo has swiftly and jointly with G7 instituted sanctions.

Japan has made a change in its policy with the latest ban. Japan said that it was difficult to cut down Russian oil imports immediately. Russian imports accounted for approximately 33 million barrels or 4% of Japan’s total oil imports.

Already, it has stated that it would ban Russian coal imports gradually and leave only liquefied LNG. Japan finds itself in an especially difficult spot after it closed down its bulk of nuclear reactors as a result of the Fukushima nuclear catastrophe.

Last year, Japan was fifth in terms of imports from Russia for crude oil and LNG.

Japanese firms and government hold stakes in Russia’s oil and LNG projects. There are two Sakhalin Island partners. Exxon Mobil Corp (NYSE) and Shell(LON:), PLC announced their intention to exit.

Eneos Holdings Inc. Japan’s largest oil refiner still refuses to buy Russian crude. It said that it would source its supplies from the Middle East. Idemitsu Kosan Co Ltd, second in rank, also stated that they do not intend to buy Russian crude.

Shinya Okuda is the senior managing director of Petroleum Association of Japan (PAJ). She told Reuters, “Japan’s major refiners have already stopped signing any new terms contracts to purchase Russian oil. There have not been any issues in securing other options.”

He stated that while refiners will keep trying to diversify sources of supply, Japan’s dependence upon the Middle East’s crude oil would have to grow in the short-term because the region has such a high level of supply. In 2021, Japan imported 93% of its oil from the Middle East.

Marubeni Corp, an international trading firm, said Friday it was considering withdrawing from Sakhalin-1’s oil project. However, the company maintained its position in line with government policy.

Kishida stated Monday that there had been no changes to the government’s policy of protecting business interests in various Russian energy assets.

Okuda from PAJ stated that Japan should keep its concessions due to Japan’s energy crisis. He also said that China and other nations would not be wise to take the concessions.