On Tuesday, Mitsubishi Motors, a Japanese manufacturer, said that it could halt production and sales of its vehicles in Russia due to economic sanctions placed on the country, which could impair supply chains.
As per Mitsubishi Corp.’s website, the company owns 141 Mitsubishi dealerships throughout Russia.
Japan joined the US and other allies in imposing further sanctions on Russia on Tuesday, which includes the freezing of the property of the country’s leaders plus three financial firms.
What is a sanction?
A sanction would be a duty imposed on another country by one government to discourage aggressive behaviour or violations of international law.
Sanctions are frequently used to harm a nation’s economy or the personal wealth of individuals, like politicians. Travel bans, as well as arms embargoes, are examples.
These are among the most severe options available to countries, short of starting a war.
What sanctions are in place against Russia?
New sanctions have been imposed on Russia due to its invasion of Ukraine by countries all around the globe.
On Saturday, the United States, the United Kingdom, the European Union, and Canada prohibited some Russian banks from using SWIFT, a high-security network that connects 11,000 financial firms in 200 nations. Following Moscow’s moves, Germany suspended the Nord Stream 2 gas pipeline certification earlier this week.
What is SWIFT, and how does it relate to Russia?
Over the weekend, the European Union, the United Kingdom, the United States, Japan, Australia, Switzerland, and Taiwan all issued new injunctions against Moscow, criticizing the military intrusion that occurred in the previous 24 hours.
Sanctions imposed by Japan
Last week, Kishida announced a slew of actions, including blocking the assets of several Russian persons and financial entities and prohibiting shipments to Russian military organizations.
“In response to this situation, we will strengthen our sanction measures in close cooperation with the G7 and the rest of the international community,” in a press conference on Friday, Kishida stated.