Understand the impact of the Ukraine conflict from a cross-sector perspective with the Global Data Executive Briefing: Ukraine Conflict

Japan is planning to freeze assets of four additional Russian banks from next month in response to Russia’s invasion of Ukraine, media reports said citing Finance Minister Shunichi Suzuki.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

The decision will impact the assets of VTB Bank, Sovcombank, Novikombank, and Otkritie. 

All the banks being targeted are close to the Russian government and the decision will take effect on 2 April 2022, the finance ministry said.  

Japan is also targeting the assets of Russian elites in the country along with some top officials of Belarus and two of its organisations that helped Moscow invade Ukraine. 

Additionally, the government is planning more stringent export sanctions against Belarus.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Earlier this week, Japan announced restrictions on transactions with the central bank of Russia and the decision to freeze assets of three Russian banks in Japan that are VEB.RF, Promsvyazbank and Bank Rossiya. 

The country has also banned the issuance and transaction of new Russian sovereign debt in the primary and secondary markets.

Speaking to reporters, Suzuki said “Japan will firmly implement (the sanctions) together with other members of G7,” which includes the European Commission, France, Germany, Italy, the UK, Canada, and the US.

Japan’s latest decision comes after the European Union agreed to block seven Russian banks from SWIFT, a global network used by banks for cross-border transactions.