Japan demands return of assets seized by Russia
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Tokyo, November 6, Japan has demanded the immediate return of assets after Russia took control of four subsidiaries of Japanese company Japan Tobacco. Under an order issued by Russian President Vladimir Putin, operational control of the four companies has been transferred to a Russian firm named Industrial Property. Japan has protested the move and called for the decision to be reversed. Japan Tobacco holds around 40 per cent of the Russian cigarette market.
The company said it had been conducting its business in compliance with all international sanctions and regulations. The incident has further strained relations between Japan and Russia. Last month, Russia’s Federal Security Service (FSB) arrested Japanese journalist Yuki Imai on charges of espionage. Japan has rejected the allegations.
Since the start of the war in Ukraine, Moscow has taken increasingly stringent measures against companies from countries that have imposed sanctions on Russia. Japan is among the countries participating in sanctions against Moscow.
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