<p><a href="http://dailywire.com/topic/japan" target="_blank" rel="noopener">Japan</a> will continue to purchase <a href="http://dailywire.com/topic/russia" target="_blank" rel="noopener">Russian</a> crude oil above the $60 per barrel price cap imposed by <a href="https://www.dailywire.com/topic/g7" target="_blank" rel="noopener">G7</a> nations last year.</p>
<p>The break from the sanction created by Western nations in reaction to the Russian invasion of Ukraine was approved by the United States but marks a faltering in the G7 alliance, which includes the two nations as well as Canada, France, Germany, Italy, and the United Kingdom. Japan, an island nation with lackluster energy reserves, will continue to purchase crude oil from the Sakhalin-2 project in the far eastern portion of Russia such that Japan continues to have access to the natural gas present at the site.</p>
<p>“We have done this with an eye toward having a stable supply of energy for Japan,” an official from the Japanese economy ministry said in a <a href="https://www.wsj.com/articles/japan-breaks-with-u-s-allies-buys-russian-oil-at-prices-above-cap-1395accb" target="_blank" rel="noopener">statement</a> to The Wall Street Journal. He noted that a small quantity of crude oil is extracted alongside the natural gas at Sakhalin-2, which Japan must continue to purchase to ensure access to the latter energy product.</p>
<p>The price cap policy only <a href="https://www.dailywire.com/news/russia-balks-as-g7-european-union-implement-oil-price-cap" target="_blank" rel="noopener">allows</a> maritime services industries in the G7 nations, the European Union, and Australia, which include sectors such as insurance and trade finance, to offer their services for Russian oil sold below the benchmark. Brent crude oil, the price benchmark for fuel drilled in the Atlantic Ocean, was $81 per barrel as of Monday morning.</p>
<p>Mitsui and Mitsubishi, two prominent Japanese companies, own nearly one-quarter of the Sakhalin-2 initiative and successfully fought to maintain their shares of the project last year.</p>
<p>Japan has been more hesitant than other G7 nations to express full-throated support for Ukraine, given their dependence on Russian energy resources. Russia provides roughly one-tenth of Japanese natural gas imports; Germany, which depended on Russia for more than half of natural gas imports before the invasion began early last year, rushed to secure other power sources as the cost of electricity <a href="https://www.dailywire.com/news/back-to-the-dark-ages-tucker-carlson-details-europes-self-induced-energy-crisis" target="_blank" rel="noopener">soared</a> more than tenfold last fall.</p>
<p>Hirokazu Matsuno, the chief spokesman for the Japanese government, nevertheless insisted that his nation supports Ukraine. Japanese Prime Minister Fumio Kishida plans to express solidarity with the Ukrainian war effort next month at the G7 conference in Hiroshima.</p>
<p>“We absolutely will not allow Russia’s outrageous act, and we are imposing strict sanctions on Russia in order to stop Russia’s invasion as soon as possible,” Matsuno said.</p>
<p>The United States Treasury Department <a href="https://home.treasury.gov/news/press-releases/jy1141" target="_blank" rel="noopener">asserted</a> last year that the price cap is “high enough to maintain a clear economic incentive for Russia to continue selling oil on global markets,” as Russia has “historically accepted” the rate. To shirk the price cap, Russia must depend upon maritime service providers outside of the G7, which are more expensive and less reliable.</p>
<p>“This price cap will benefit directly emerging and developing economies, and it will be adjustable over time so that we can react to market developments,” European Commission President Ursula von der Leyen <a href="https://twitter.com/vonderleyen/status/1598734779750309888?s=20&amp;t=sjSZByyC-DfPC6LRlzeg1Q" target="_blank" rel="noopener">said</a> in a speech regarding the policy.</p>
<p>The United States has sent more than $75 billion in combined humanitarian, military, and financial aid to Ukraine as of January, according to an <a href="https://www.cfr.org/article/how-much-aid-has-us-sent-ukraine-here-are-six-charts" target="_blank" rel="noopener">analysis</a> from the Council on Foreign Relations. Institutions of the European Union, on the other hand, have sent nearly $32 billion, while the United Kingdom and Germany have sent a combined $15 billion.</p>

<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
<script async src="https://www.tiktok.com/embed.js"></script>
<script async src="https://www.instagram.com/embed.js"></script><div data-widget-host="revcontent" data-pub-id="165152" data-widget-id="290588"></div><script src="https://delivery.revcontent.com/165152/290588/widget.js"></script>

Japan Buys Oil From Russia In Break With Western Allies

CONTINUE READING

Bud Light Sales Continue To Plummet, May Soon Lose Status As Number-One Beer

‘Profoundly Christian’: Former Head Of Anglican Church Presses British Government To Endorse Assisted Suicide

Ben Shapiro Reacts To Debt Limit Deal, Hits Both Democrats And Republicans Over Spending Habits

‘The Chosen’ Defends Pride Flag Spotted On Set: ‘Let The Show Speak For Itself’

Chick-Fil-A Faces Backlash As Their Diversity Efforts Resurface, Other Woke Brands Take Beating

North Korea Sentenced Two-Year-Old To Life In Prison After Family Caught With Bible: State Department

News

Global Politics

Japan

Oil and Gas

Russia

Ukraine-Russia War

World

A video goes viral showing a baby being refused his mother by two gay "dads". This is just the tip of the iceberg, which is why we will have an important discussion today about surrogacy. 

Hour 1

The Matt Walsh Show

Ep. 1765 - This Video Is One Of The Worst Things I've Seen In A Long Time 

The Strait of Hormuz officially opens for business (kind of), the Pope makes “shocking” comments on immigration, and President Trump promises UFO disclosure at TPUSA. 


The Michael Knowles Show

Ep. 1956 -  Pope Leo's "SHOCKING" Immigration Comments EXPLAINED

A false miscreed has corrupted our leadership class.


The Andrew Klavan Show

Ep. 1275 - Dumb, Dumber and Progressive

President Trump announces a 10-day ceasefire between Lebanon and Israel, a murder-suicide involving former Democratic Lieutenant Governor Justin Fairfax shakes Virginia, and France and Britain hold a conference to secure the Strait of Hormuz – after the Iranian conflict ends. Get the facts first with Morning Wire.

- - -

Ep. 2738

- - -

Wake up with new Morning Wire merch: https://bit.ly/4lIubt3

- - -

Today's Sponsors:

Alliance Defending Freedom - Visit https://JoinADF.com/WIRE or text 'WIRE' to 83848 to learn more.

Pocket Hose - Text MORNING to 64000 to get a FREE pocket pivot and their 10-pattern sprayer with the purchase of ANY size Copper Head hose. Message and data rates may apply.

Morning Wire

U.S. Expands Hormuz Blockade & VA Fairfax Deaths Investigated | 4.17.26

U.S. Expands Hormuz Blockade & VA Fairfax Deaths Investigated | 4.17.26 [Member Exclusive]

A ceasefire goes into effect between Israel and Lebanon, a tragic murder-suicide rocks Virginia, and Dairy Queen deploys AI in the drive-thru. Get the facts first with Evening Wire.
- - -
Ep. 2737
- - -
Wake up with new Morning Wire merch: https://bit.ly/4lIubt3 
- - -
Today’s Sponsor:

Alliance Defending Freedom - Visit https://JoinADF.com/WIRE or text “WIRE” to 83848 to learn more.


Evening Wire: Lebanon Ceasefire Begins & Murder-Suicide Rocks VA | 4.16.26

The Pendragon Cycle

Menu

— News —

Japan Buys Oil From Russia In Break With Western Allies