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“It's Completely False”: Japan Denies Claims It Opposed European Plan to Seize Frozen Russian Assets
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Japan’s Ministry of Finance has refuted claims that Tokyo rejected the European Union’s proposal to seize frozen Russian assets, according to Reuters on December 9.
Atsushi Mimura, Japan’s Deputy Finance Minister for International Affairs, addressed the media reports regarding the refusal to support the confiscation of Russia’s frozen assets.
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“It's completely false,” he stated.
Mimura further emphasized that Japan has consistently acted in Ukraine’s best interests, aligning with its national priorities, as “Japan could one day face a similar situation in East Asia.”
On the same day, Japan opted not to support the European Union’s initiative to use frozen Russian state assets for Ukraine, dealing a blow to Brussels’ effort to secure global backing for a “reparations” loan, as reported by Politico.
In a virtual meeting of G7 finance ministers, Tokyo rejected the EU’s request to replicate its plan for channeling the monetary value of Russian sovereign assets held at the Euroclear clearing house in Belgium to Ukraine.
According to the report, Japan’s refusal was based on legal limitations and the inability to utilize the $30 billion worth of frozen Russian assets held in the country. Several officials indicated that Japan’s decision was also influenced by the United States' opposition to using frozen Russian assets for Ukraine, with Tokyo hesitant to act against the preferences of its key ally.
Earlier, the finance ministers of the Group of Seven (G7) expressed their support for utilizing frozen Russian assets to fund reparations for Ukraine.
The G7 finance ministers stated that they will continue working together to explore different financing options to support Ukraine, which could involve using the full value of Russian sovereign assets frozen in their jurisdictions until reparations are paid by Russia. Their aim is to end the war and establish a just and lasting peace in Ukraine.
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