Skip to main content

Japan loses from sanctions against Russia, but profits break records

 


The losses of seven leading Japanese corporations from the impact of sanctions imposed against Russia over Ukraine were estimated at over $2 billion by April. Among others, Mitsui, Mitsubishi and Sumitomo lost money. The newspaper Sankei Shimbun wrote this (https://www.sankei.com/article/20220510-R4PAUDG3WRNPZH5MZRWRBFFZVA/photo/SRURFTOL4BNSDNAJNKVHNZW27E/) based on the results of the companies' annual reports for last year. The amount of losses includes reduction of the market price of corporate assets in Russia and Sakhalin-1 (https://t.me/asian_states_in_ukrainian_crisis/1052) and Sakhalin-2 Asia oil and gas projects.

Despite the losses, the final profit of all seven companies reached a record high level.

The other day, the G-7 countries agreed to reduce their dependence on Russian energy resources - primarily oil and gas. At the same time, Tokyo, a member of the group, intends to retain its shares in Sakhalin projects.

Comments

Popular posts from this blog

Turkey to offer Russia and Ukraine "Hong Kong model" of peace

Turkey promotes the so-called "Hong Kong model" of reconciliation, under which Russia is offered to receive the territories of Donetsk, Luhansk and the Crimean peninsula for "long-term use". The Moscow-based Institute of the Middle East, which provides expert analytical services to Russian government agencies on Middle Eastern issues, writes about it. The reconstruction of Donetsk and Luhansk will be done at the expense of the Russian side. After a certain period of time (various periods of time are mentioned, on average 50 years), Russia will have to return these territories to Ukraine. As the Turkish side insists, this model is a win-win model for both sides of the conflict. ▪️ For Ukraine - because it will receive a Russian commitment, guaranteed by international observers, that it will get back the territories it considers its own and, as can be seen, no Ukrainian leadership will be able to retain its power by agreeing to the contrary. Thus, Ukraine wil

Uzbekistan: Why do migrant workers need Russia when there is the West?

Experts from the Institute of Forecasting and Macroeconomic Research (IPMR) of Uzbekistan proposed organizing free English language courses. In this way, it would be easier to reorient Uzbeks to labor markets in English-speaking countries and reduce dependence on Russia, the Institute believes. "The high dependence of migrant workers' incomes on Russia (https://t.me/asian_states_in_ukrainian_crisis/801) increasingly aggravates the situation not only in the labor market, but also in the country as a whole. For these reasons, it is already necessary to consider new opportunities for labor exports," reads the publication (https://telp.cc/Kzz) on the website of the institute. Its authors point out that $5.6 billion or 70% of remittances received by Uzbekistan in 2021 came from Russia. That same year, the number of Uzbek migrant workers in Russia was 1,036,305 (according to the Ministry of Employment and Labor Relations).   The mos t attractive destinations for the promotion

"Russian business is being flooded with money". MP urged to save Kazakh producers

 Mazhilis deputy Amanzhan Zhamalov said that after the introduction of sanctions to develop import substitution Russian business is flooded with money. Because of this, Kazakhstan's commodity producers may go bankrupt, the correspondent of Tengrinews.kz reports. "Russia has adopted an urgent package of measures to support its business and industry. Another import substitution policy has been adopted. Preferential financing is being increased. Russian business is literally being flooded with money.     On the one hand, it is good for the Kazakhstani people who will be able to buy cheap Russian goods. But on the other hand - we have our own goods and businesses in Kazakhstan, where our citizens work and receive salaries. All of them will suffer from growing Russian imports," Zhamalov pointed out in a parliamentary request to the prime minister. The MP noted that most Kazakhstani businesses have loans. If they lose market and income, they will inevitably go bankrupt.