The head of the Japan Bank for International Cooperation said Thursday that the government-owned lender has no choice but to review businesses with Russian partners after the invasion of Ukraine.
The Japanese government, along with various domestic energy firms, holds a stake in Sakhalin Oil and Gas Development Co. (SODECO) — a joint venture with Russian state-backed energy firms. SODECO owns a 30% stake in the Sakhalin 1 oil and gas project, and the government has extended loans to both Sakhalin 1 and its sister project Sakhalin 2, which are located in the Russian Far East.
"There is no way we will continue to run businesses in the same way as before," JBIC Gov. Tadashi Maeda said at a news conference.