Five Major Russian Banks Including Sberbank Hit by Japanese Sanctions

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Japan has imposed sanctions on five major Russian banks, including the two biggest lenders Sberbank and VTB, a source in the country’s foreign ministry said Wednesday.

Updated 02:17 p.m. Moscow Time

TOKYO, September 24 (RIA Novosti) – Japan has imposed sanctions on five major Russian banks, including the two biggest lenders Sberbank and VTB, a source in the country’s foreign ministry said Wednesday.

“Japan is imposing sanctions against five Russian banks,” the source said.

The sanctions also target Gazprombank and Rosselkhozbank, Russia’s third and sixth largest banks in terms of net assets, as well as Vnesheconombank, a state corporation that manages Russian state debts, pension funds and other state financial activities.

Earlier on Wednesday, Japanese Chief Cabinet Secretary Yoshihide Suga said at a press conference that the country was going to impose additional sanctions against Russia over the situation in Ukraine. The sanctions presuppose tightening exports of arms and related goods, as well as a ban on securities trading of "several banks."

In March, Japan suspended talks with Moscow on visa restrictions and slowed the start of negotiations on dangerous military activities in space prevention and investment cooperation. In April, the country banned visas for 23 Russian officials.

In early August, the Japanese government implemented sanctions against 39 politicians and officials who represented the Republic of Crimea, as well as Donetsk and Luhansk people's republics.

Japan also implemented a ban on the import of goods from Crimea.

Russian President Vladimir Putin repeatedly stated that using sanctions in foreign policy is not effective and never yields any results, warning that sanctions cause certain damage to those using this measure.

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