Japan Decides To Stay In Russia's Sakhalin-1 Energy Project
https://asia.nikkei.com/Business/En...-s-Sakhalin-1-energy-project-after-Exxon-exit
ExxonMobil, which held a 30% stake in Sakhalin-1, announced in March that it would withdraw from the project. But after vacillating for more than half a year, Japan decided not to follow in Exxon's footsteps.
Meanwhile, Russia set up a new company to take over the project under a presidential decree that has in effect forced investors to choose sides. Japan's Ministry of Economy, Trade and Industry is a stakeholder in Tokyo-based Sakhalin Oil and Gas Development -- which owns 30% of Sakhalin-1's current operator - along with other investors including Itochu, Japan Petroleum Exploration and Marubeni.
The Japanese consortium will make a final decision on whether to stay invested in the project after discussions with other stakeholders.
Why does this matter? Well, back in may, the G-7 nations decided to ban imports of Russian crude oil. Although the G-7 did not decide on a time frame, saying only that the ban will be enforced in a "timely and orderly fashion,"
Japan's continued participation in Sakhalin-1 would go against the consensus among fellow G-7 members.
In short,
Japan would be the first "western" nation to officially breach the anti-Russia alliance.