Russian LNG exports to Japan skyrocket

Sep 15, 2022 | Uncategorized

Supplies more than tripled last month

Tokyo significantly increased purchases of liquefied natural gas (LNG) from Russia in August, according to trade statistics released by the Japanese Finance Ministry this week.

According to the data, Russian LNG supplies to Japan grew by 211.2% in quantity compared to August 2021. In terms of value, imports of Russian LNG soared by more than 380%.

In contrast, purchases of Russian oil in August dropped by 20.3% year-on-year in terms of quantity and by 54.1% with regard to value. Japan also bought less Russian coal (32.6% drop), but the cost was 120% more than last year.

Japan’s exports to Russia also grew last month, with shipments of computers increasing 107.1%, and computer parts, 161.6%. However, due to sanctions, supplies of semiconductors to Russia ceased earlier this year. Export of buses and trucks to Russia dropped, while the export of cars increased by 5.8%.

Japan has supported the response of the US and EU to Russia’s military operation in Ukraine, imposing sanctions on Russian individuals, companies, the banking sector, and over 300 export and import items. However, Tokyo has been reluctant to jeopardize its energy supply, and recently urged its companies to keep their shares in Russian oil and gas projects to ensure further access to supplies.

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