Japanese law prohibits confiscation of foreign exchange reserves of Russian central bank: minister

The law does not allow the confiscation of gold and currency reserves of foreign central banks and the Russian central bank, which are stored at the Bank of Japan, Finance Minister Shun’ichi Suzuki said Monday during a briefing. a parliamentary meeting, reports News.Az citing TASS. .

“Generally, there are no provisions in our legislation, including the BOJ Act, allowing foreign central banks to requisition foreign currency reserves stored at the Bank of Japan,” the minister said when asked about the possible actions by Japan under the sanctions imposed. against Russia because of the ongoing war with Ukraine.

Tokyo previously suspended its operations with the Central Bank of Russia, which effectively means freezing its reserves at the Bank of Japan. The assets of the Central Bank of the Russian Federation in yen are estimated at around $33 billion.

Japan has already unveiled several sanctions packages against Russia due to the situation around Ukraine. More than 100 people fell under individual sanctions, including representatives of the country’s leaders, officials and businessmen. The list of prohibited goods and technologies for export includes 300 items, including semiconductors, maritime and air security equipment, telecommunications equipment, communication equipment, military products, including weapons, software, oil refining equipment.