News Global Market Japan 31 March 2023
The ban will come into effect on April 7, 2023
Japan has banned exports of steel and steel products, as well as aluminum and aluminum products to the Russian Federation as part of its latest sanctions related to the war in Ukraine. This is stated in the message of Ministry of economy, trade and industry of the country.
The export of aircraft, drones, spacecraft and their parts is also prohibited. A wide range of goods fell under the export restrictions – construction equipment, aviation and marine engines, optical fiber, electrical equipment and its components, measuring and optical equipment, photographic equipment, toys and scale models.
The restrictive measures will enter into force on April 7, 2023, the ministry said in a statement.
At the beginning of March, Canada banned imports aluminum and steel products from the Russian Federation. The department specified that the ban applies to all aluminum products in Russia, in particular raw and sheet aluminum, as well as finished products, including dishes and other household goods. Also all primary Russian steel products, including pig iron and non-alloy steel, semi-finished products and finished products such as pipes are covered by the ban.
As GMK Center reported earlier, from April 1, 2023, the USA will introduce a 70% customs tariff on pig iron imports from the Russian Federation. This rate will be extended to other steel and ferroalloy products, as well as scrap.
Also, amid sanctions after the full-scale invasion of Ukraine, the production of steel products, domestic demand and export sales of the Russian Federation fell in 2022. However, this reduction was less than the markets expected.