Overview

• Effective Friday, Japan lowered its cap on Russian crude from $60 to $47.60 per barrel to tighten revenue constraints on Moscow.
• Authorities froze the assets of 14 individuals and 51 organizations, including Russian officials, company executives and pro‑Russian figures in Ukraine.
• Tokyo added export controls, with new restrictions covering entities in Russia and several outside the country as part of a broader enforcement push.
• The Sakhalin‑2 project remains exempt from the cap, and officials expect no impact on Japan’s crude procurement given ongoing energy‑security needs.
• The price‑cap regime bars shippers and insurers from facilitating Russian oil sales above the ceiling, strengthening coordination with recent EU and UK measures.