TOKYO: Masakazu Tokura, chairman of the Japan Business Federation, or Keidanren, welcomed on Monday the Japanese government’s policy of not withdrawing from oil and gas development projects in Russia’s Sakhalin.

At a press conference, the head of Japan’s largest business lobby said that Prime Minister Fumio Kishida’s declaration that his country will not quit the Sakhalin-1 and -2 projects was “reasonable.”

Tokura said that European countries are taking a realistic approach to the issue of oil and natural gas procurement from Russia amid its invasion of Ukraine.

“While we must reduce our energy dependence on Russia in the long run, it is not realistic to stop (gas and oil) imports immediately,” he added.

On the Tokyo Stock Exchange’s launch of its three restructured new markets Monday, Tokura voiced hopes that the realignment will contribute to market development by helping listed companies achieve sustainable growth and increase corporate value.

JIJI Press