The Japan Bank for International Cooperation (JBIC) has limited the financing of Russian companies and financial institutions, Nikkei reports.
JBIC took this recent step as a show of agreement with the USA and the European Union, which has imposed relatively more severe constraints against Russia. The state bank will stop financing projects that European or American companies have pulled out of. The Japanese lender will also check to see that no private-sector peers will fund a potential borrower.
However, the JBIC will still ensure that “adequate fund-transfer mechanisms” are in place to provide limited financing. The bank stated in October that they would credit Sberbank of Russia with a 4 billion yen loan ($38.5 million).
Tokyo has severed economic cooperation with Moscow to resolve longstanding disputes though it has not taken steps as severe as the West has done.