Investing.com -- Japanese refinery, Taiyo Oil, announced on Tuesday that it has purchased its first batch of Sakhalin Blend crude oil from Russia in over two years. The decision was made at the behest of the Japanese government to aid in maintaining the stability of a plant that also provides Japan with liquefied natural gas (LNG).
The last time Japan imported Russian crude was in February 2023, according to trade records. This cessation of imports was a result of Tokyo’s agreement with other G7 nations to gradually eliminate imports in response to Russia’s invasion of Ukraine in 2022.
Earlier this year, the Japanese government requested refiners to consider purchasing Sakhalin Blend crude, an LNG production byproduct. This request was made to ensure the Sakhalin project’s smooth operation.
The U.S. has sanctioned many transactions but has made exceptions for those related to Sakhalin-2 oil byproduct until June 28, 2025, as long as it is imported exclusively to Japan.
A spokesperson for Taiyo Oil confirmed the purchase, stating, "At the request of the Ministry of Economy, Trade and Industry, we have decided to take delivery of 600,000 barrels of Sakhalin Blend crude oil." The spokesperson further explained that this decision was made to help ensure a stable energy or LNG supply to Japan.
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