00:00The U.S. has extended a waiver allowing oil and gas transactions from Russia's Sakhalin 2 project.
00:06Its Treasury Department says the general license for the project will be extended through June 18th
00:12next year, temporarily waiving sanctions imposed in 2022 after Russia's full-scale invasion of Ukraine.
00:21The project is a critical source of liquefied natural gas LNG for a U.S. ally Japan,
00:27which receives about 9 percent of its energy from Sakhalin 2.
00:32Japan's Chief Cabinet Secretary Minoru Kihara said securing overseas LNG supplies
00:37remains extremely important for the country's energy security,
00:42adding that Tokyo will continue working closely with the U.S. and international partners.
00:48Japan relies on imported fuels for around 70 percent of its energy needs.
00:52Most supplies from the Sakhalin 2 project, which includes Japanese firms Mitsui and Mitsubishi as shareholders,
01:00are scheduled to phase out between 2028 and 2033.
01:04The move comes even as President Donald Trump has been pressuring countries,
01:09including Japan, India and China, to scale back purchases of Russian oil and LNG.
01:14It wouldn't be very smart for a minute.
Comments