Japan sees Russian oil as 'extremely important' for energy security: Akazawa

Japan considers Russian crude oil "extremely important" for energy security in Asia's second-largest economy, as supplies from producers in the Middle East face disruptions due to war in the Middle East, Minister of Economy, Trade and Industry Ryosei Akazawa said March 15.

"Securing crude oil from overseas, including Russian crude oil, is extremely important for our country's energy security," Akazawa told reporters when asked about Japan's response to the recent US move authorizing Russian oil sales and disruption in the Strait of Hormuz.

The Middle East accounted for 94% of Japan's crude oil imports in 2025, with the Strait of Hormuz accounting for 93% of that share, according to METI data.

"Regarding the import of Russian crude oil, we would like to respond appropriately by working closely with the international community, including the G7, and comprehensively considering what is effective for achieving a just and lasting peace in Ukraine, as well as what is necessary for our national interests," the minister added.

Akazawa was speaking to reporters following the end of the inaugural Indo-Pacific Energy Security Ministerial and Business Forum, which Japan co-hosted with the US in Tokyo.

"Lively discussions were held on responses to the current urgent situation in the Middle East as it affects the Indo-Pacific region, as well as on the development of resilient energy systems to ensure future energy security," Akazawa said.

US move

The US Department of the Treasury on March 12 authorized the delivery and sale of Russian crude and petroleum products loaded on ships through April 11, creating a one-month window for transactions that would otherwise be prohibited under existing sanctions regimes.

The general license, effective immediately, permits all transactions ordinarily incident and necessary to the sale, delivery and offloading of Russian Federation-origin petroleum loaded on any ship on or before 12:01 am Eastern Time on March 12, according to the Treasury release. The authorization expires at 12:01 am on April 11.

Japanese refiner Taiyo Oil took a cargo of Sakhalin Blend crude in June 2025, the country's first delivery of Russian oil since early 2023, in a bid to support stable LNG supplies from the related Sakhalin 2 project, which provides about 10% of Japan's domestic LNG needs.

Sakhalin Blend is a light, sweet crude produced as a byproduct of LNG production from the project of the same name. Its export to Japan is not subject to the G7's "price cap" on Russian oil due to its critical importance to stable LNG production from the project.

Sakhalin Energy is majority owned by Russia's state-owned Gazprom, with minority stakes held by Japan's Mitsui & Co. and Mitsubishi Corp.

The US on Dec. 17, 2025, extended its exemption for Japan's maritime transport of crude oil from the Sakhalin 2 project until June 18, 2026, for imports into the country, according to the Treasury's Office of Foreign Assets Control.