Japan's prime minister indicates importance of Sakhalin-2 project for nation's energy sector

TOKYO. March 16 (Interfax) - Japan is taking measures to ensure a stable flow of energy resources amid sanctions against Russia, and the Sakhalin-2 project plays an important role here, Prime Minister Fumio Kishida said at a news conference Wednesday.

"Our country has interests in oil and gas production projects in Eastern Siberia, starting with Sakhalin-2. These are projects in which our country's interest is to buy energy at low prices in the long term," the Sankei newspaper quoted the prime minister as saying.

Japan receives 9% of its total liquefied natural gas through Sakhalin-2.

"We recognize that in terms of ensuring a stable energy supply this is an important project," the prime minister said. He explained that Japan intends to implement sanctions against Russia in close coordination with other G7 countries in order to guarantee its own energy security.

Earlier at this press conference, Kishida announced the extension of sanctions against Russia. In particular, Japan will prohibit the supply of luxury goods to Russia and deprive Moscow of most-favored-nation treatment in trade.

Kishida promised that his country would freeze more Russian assets, ban imports of some products and cooperate with the G7 to prevent Russia from using loans from the International Monetary Fund and other international creditors.

Japanese media previously reported that local firms Mitsui & Co and Mitsubishi Corp, which hold stakes in the Sakhalin-2 project, said they had no intention of withdrawing.