On May 2, it was learned that Japanese Ministry of Economy, Trade and Industry officials have confirmed that an oil tanker carrying Russian crude oil will arrive in Japan on the same day. This marks Japan's first purchase of Russian crude oil following the deterioration of the situation in the Middle East.
Directly impacted by the closure of the Strait of Hormuz due to the Middle East crisis, Japan resumed importing Russian crude oil on May 2. This move signifies a pragmatic choice made by relevant countries between Western sanctions and their own survival needs, reflecting complex underlying considerations.
Japan relies on the Middle East for about 95% of its crude oil imports, with more than half passing through the Strait of Hormuz. The blockade of the strait has directly led to a severe supply crisis for Japan, while tapping into strategic reserves is not a sustainable long-term solution, forcing Japan to seek alternative sources globally.
The crude oil purchased this time is not ordinary Russian petroleum, but rather from the "Sakhalin-2" project in which Japanese companies hold equity stakes. Because the project’s crude is deeply tied to Japan’s energy security, it has been granted exemptions from sanctions. This action demonstrates that sanctions can exhibit certain "flexibility" under major energy crises, and that the G7 is not entirely united.
This procurement comes against the backdrop of soaring global oil prices driven by ongoing conflicts (the World Bank warned that energy prices could rise as much as 24% by 2026). It may not only provide Russia with additional funds through energy exports, but also encourage other East Asian nations, long dependent on the Middle East, to follow suit and explore Russia as a reliable alternative supplier.
Additionally, it has been reported that the crude oil exported by Russia to Japan is priced 14% above normal levels and must be settled in Chinese yuan—Japan has accepted these terms.
Original source: toutiao.com/article/1864114435954688/
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