Japan to purchase Russian crude oil amid global energy crisis

Japan will purchase Russian crude oil for the first time since the onset of the Middle East conflict in February, amid a global energy crisis that is severely affecting import-dependent Asian economies.

A tanker carrying oil from the Russian Far East is heading to Japan, according to an official from Japan's Ministry of Economy, Trade and Industry, reported The Mainichi.

The oil originates from the Sakhalin-2 project, a development led by Russia's state-controlled energy company Gazprom, with Japan's Mitsubishi Corporation and Mitsui & Co. among its major stakeholders.

The shipment was purchased by wholesaler Taiyo Oil Co..

The Russian crude will not be subjected to US and European sanctions imposed after the beginning of the Russia-Ukraine war in 2022.

The tanker left Sakhalin in late April, according to Marine Traffic.

It is expected to arrive in western Japan's Ehime Prefecture, the official said.

Iran has closed the Strait of Hormuz since the US and Israel initiated a war against Tehran on Feb. 28. Later, the US imposed its own blockade of Iranian ports which remains in place.

Through the key waterway roughly one-fifth of global oil and liquefied natural gas flows.

A ceasefire is in place, but maritime traffic in the area remains heavily restricted.