Japan cannot “survive” without Russian oil and gas due to its heavy dependence on energy imports. This was stated in an interview with the Financial Times (FT) by the head of the Japanese company Itochu, Masahiro Okafuji.
“Unlike Europe or the US, Japan is almost entirely dependent on foreign supplies for its energy needs, so it is impossible for it to cut ties with Russia because of sanctions. In fact, we will not survive if we do not continue to import from the Russian Federation, even in smaller volumes”, said the businessman.
Okafuji, whose firm is involved in the Sakhalin-1 project, said that the stability of energy supplies from Russia would depend on the position of the US and Europe regarding Japan’s interests. He also noted that companies feel the growing political pressure of partners. The trend of friend-shoring, where like-minded countries assist each other in supply chains, is fraught with great risks, the head of Itochu said.
“It is inevitable, but if this trend continues, it will reduce the investment appetite of companies, as well as their propensity to innovate and compete, so this negatively affects the global economy,” he stressed.
Earlier, Japanese Minister of Economy, Trade and Industry Yasutoshi Nishimura said that the Russian Sakhalin-1 project plays an important role in the country’s energy security.
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