Russia’s Central Bank Is Also Covered: What Japan’s Sanctions on Russia Are Stopping

On March 1, 2022, the Ministry of Foreign Affairs, the Ministry of Finance, and the Ministry of Economy, Trade and Industry jointly announced that they were adding 6 Russian individuals and 3 banks to their asset-freeze measures. The 6 individuals were President Putin, Foreign Minister Lavrov, Defense Minister Shoigu, Chief of the General Staff Gerasimov, Security Council Secretary Patrushev, and Security Council Deputy Chairman Medvedev. One of the 3 banks was the Central Bank of the Russian Federation.

This was 5 days after Russia’s full-scale invasion of Ukraine. Japan’s sanctions on Russia have continued to build up since then and remain in effect as of September 2026. This article organizes what is being stopped, based on the three ministries’ announcements and materials published by the Ministry of Finance and the Ministry of Economy, Trade and Industry.

The Basis: The Foreign Exchange and Foreign Trade Act and Cabinet Understandings

Japan’s sanctions are carried out under the Foreign Exchange and Foreign Trade Act (FEFTA). The three ministries’ announcements since 2022 preface each measure with wording along the lines of “in light of the current international situation surrounding Ukraine,” “in order for Japan to contribute to international efforts for international peace” aimed at resolving the issue, and taking into account the content of measures taken by major countries. The process is: the policy is first decided by a Cabinet understanding, the targeted parties are designated by a Ministry of Foreign Affairs notification, and the Ministry of Finance and the Ministry of Economy, Trade and Industry implement it through FEFTA procedures.

What is called “asset freeze” consists of two permit requirements. One is a payment restriction, which requires permission for payments to designated persons. The other is a capital transaction restriction, which requires permission for deposit contracts, trust contracts, loan contracts, and the like with designated persons. According to the Ministry of Finance, the payment restriction also covers payments made using crypto-assets, and making a payment without permission can lead to imprisonment of up to 3 years, a fine of up to 1 million yen, or both.

It Began With Crimea in 2014

2022 is not the first time Japan has imposed sanctions on the Russian side over Ukraine. On August 5, 2014, the three ministries placed 40 individuals and 2 entities determined to be directly involved in the “annexation” of the Autonomous Republic of Crimea and the city of Sevastopol (given in the announcement as “the special city of Sevastopol”) to Russia, or in the destabilization of eastern Ukraine, under asset-freeze measures. From the same day, importing any goods originating in the Autonomous Republic of Crimea or the city of Sevastopol has required approval.

In the Ministry of Finance’s list (as of September 10, 2026), the parties under this line of measures number 81 individuals/entities under “before 2022” and 268 under “2022 onward.” The 2022-onward group includes figures connected to eastern and southern Ukraine determined to be directly involved in what Russia calls “incorporation.”

The Series of Measures From February 26, 2022

Two days after the full-scale invasion, in a Cabinet understanding of February 26, 2022, Japan decided on the following set of measures together: asset-freeze measures on figures connected to the self-proclaimed “Donetsk People’s Republic” and “Luhansk People’s Republic” and on specific Russian banks; a ban on exports to and imports from both “republics”; a ban on the issuance and circulation, in Japan, of new securities by Russian government bodies and the like; and a ban on exporting to Russia items covered by international export control regimes, among others.

On March 1, the 6 individuals and 3 banks mentioned at the outset were added. According to the three ministries’ announcement, the asset-freeze measures on 2 of the 3 banks, other than the Central Bank of the Russian Federation — Promsvyazbank and VEB.RF — were to take effect from March 31, and the central bank was excluded from this deferral. The same day also saw the introduction of measures designating 49 Russian entities as “specified entities” and banning exports to them, and a ban on exporting general-purpose goods thought to help strengthen Russia’s military capability. Belarusian figures were also added on March 3.

According to the Ministry of Finance, from April 5, 2022, taking banknotes or government notes out to Russia has, in principle, also required the permission of the Minister of Finance (the customs director), with exceptions such as amounts a person staying in Russia sets aside for payments ordinarily needed during their stay.

Three Pillars: Asset Freezes, Export Bans, Import Bans

A Ministry of Economy, Trade and Industry document divides the overall picture of export and import bans on Russia, Belarus, and others as follows (based on documents from December 2023 and September 2025; effective dates per the December 2023 document).

There are exceptions to the export ban. According to the Ministry of Economy, Trade and Industry’s materials, applications to export covered goods to Russia and others are, in principle, not approved, but food, medicine, items for humanitarian purposes, and consumer communications equipment, among others, may be approved.

The Oil Price Cap

For Russian crude oil and petroleum products, there is a measure banning the import of any traded above a price cap, and the provision of related services such as maritime transport (based on the Cabinet understanding of December 5, 2022). According to the three ministries’ announcement, the oil price cap was lowered, from September 12, 2025, from $60 to $47.60 per barrel. A transitional measure applies the pre-reduction cap to crude oil and the like unloaded in Japan by October 17, 2025.

Withdrawal of Most-Favored-Nation Tariff Treatment

Separately from FEFTA, measures have also been taken on tariffs. According to the Ministry of Finance, in light of the G7 leaders’ statement of March 11, 2022, from April 21 of the same year, goods originating in Russia are no longer given WTO agreement tariff rates and instead face the basic tariff rate (or the provisional rate, where one exists). This measure is time-limited and has been extended repeatedly; a Cabinet decision of March 27, 2026, extended it through March 31, 2027.

The Scale of Coverage Now

The most recent addition was on September 12, 2025. According to the three ministries’ announcement, this added 47 Russian entities and 9 individuals, 5 individuals and 1 entity connected to occupied areas of Ukraine and elsewhere, and 3 entities from countries or regions other than Russia and Belarus, to the asset-freeze measures. A Ministry of Economy, Trade and Industry document summarizes the coverage as of that point as follows.

As of September 10, 2026, the Ministry of Finance’s “List of Economic Sanctions Measures and Designated Parties” gives September 12, 2025, as the date of the latest version of each Russia-related list. No additions made since the start of 2026 can be confirmed in this list.

For Companies Outside Russia

Measures targeting companies in countries other than Russia and Belarus began in December 2023. According to the Ministry of Economy, Trade and Industry’s materials, the targets at that time were 6 entities in total: 2 in the United Arab Emirates, 1 in Armenia, 1 in Syria, and 2 in Uzbekistan. The September 2025 addition covered 9 entities “suspected of involvement in sanctions evasion”: 6 in China (including Hong Kong), 2 in Turkey, and 1 in the United Arab Emirates.

The Ministry of Economy, Trade and Industry explains that major countries, including Japan, cooperated to examine components and the like found in Russian military weapons discovered in Ukraine, and compiled them into a list of items. It asks exporters to check this list and the G7’s guidance for industry even when exporting items banned for Russia to a country or region other than Russia.

For People and Companies Living in Japan

Because payments to sanctioned individuals require permission, banks may check the recipient and purpose when handling a remittance. What a bank may ask about a remittance to Ukraine is covered in our article on the conditions for sending letters, parcels, and money to Ukraine, and how imports are treated by origin is covered in our article on procedures for importing Ukrainian food into Japan.

Whether a given transaction requires permission depends on the item, the counterparty, and the payment route. For a specific transaction, check with the contact point for each measure, such as the Ministry of Economy, Trade and Industry’s Trade Control Division or the Ministry of Finance’s Foreign Exchange Office.