TOKYO: Japan supports the European Union’s decision to exclude seven major Russian banks from the SWIFT global payment network in response to Russia’s invasion of Ukraine, Finance Minister SUZUKI Shunichi said Thursday.

Suzuki told reporters that Japan will add four more Russian banks, including the second-largest VTB Bank, to the list of asset freeze targets. The other three are Bank Otkritie, Novikombank and Sovcombank.

The new asset freeze scheme will take effect April 2 after 30 days of transitional measures.

Japan has already decided to freeze the assets of three Russian banks–Russia’s central Bank, Promsvyazbank and Vnesheconombank (VEB).

With Thursday’s move, Japan’s asset freeze will cover all seven banks to be barred from the SWIFT network at the initiative of the United States and the EU. SWIFT stands for the Society for Worldwide Interbank Financial Telecommunication.

Tokyo aims to increase the effectiveness of international sanctions against Russia by working together with its partners in the Group of Seven forum.

JIJI Press