This time I would like tentatively to share the insights of Mr. Masahiko Hosokawa, Professor at Meisei University, and an official member of the Japan Institute for National Fundamentals, and a former high-ranking official of the Ministry of International Trade and Industry (currently Ministry of Economy, Trade and Industry).
His theme is “Japan Should Not Withdraw from the Sakhalin Project.”
The US has banned imports of Russian oil and natural gas.
The Biden administration responded to US public and congressional demands by saying that it is important to cut off a source of funding for Russia's invasion of Ukraine.
For Japan, while international cooperation is important, it is not easy to agree if the stable supply of energy for the country is at stake.
It is necessary to make a calm decision on its own energy security.
Meanwhile, BP and Shell, two British-owned international oil companies, have decided to withdraw from the Russian oil and natural gas business.
Shell is withdrawing from "Sakhalin 2," a gas development project in the Far East Sakhalin.
It is a corporate business decision, partly due to pressure from the market and investors.
Japan also has energy interests in this Sakhalin 2, and general trading companies are participating in the project.
