A total ban on imports of liquefied natural gas from Russia without alternative energy sources will bring the world's economy to ruin, Japanese Economy Minister Koichi Hagiuda said on Tuesday
TOKYO (Pakistan Point News / Sputnik - 10th May, 2022) A total ban on imports of liquefied natural gas from Russia without alternative energy sources will bring the world's economy to ruin, Japanese Economy Minister Koichi Hagiuda said on Tuesday.
"There are calls to consider abandoning Russian LNG. However, I think that unless we find and secure alternative sources and such steps (ban on Russian gas) are made by various parties simultaneously, then the global economy, including the energy sector, will plunge into chaos," Hagiuda told reporters.
Last week, the minister held meetings with US Energy Secretary Jennifer Granholm and Commerce Secretary Gina Raimondo, discussing the possibility of increasing the output of US liquefied natural gas (LNG). Japan is also considering providing loans to Japanese firms which take part in the US LNG projects in order to reduce dependence on the Russian energy carriers, media reported, citing a joint statement.
On February 24, Russia launched a military operation in Ukraine after the breakaway republics of Donetsk and Luhansk appealed for help in defending themselves against Ukrainian forces. In response, Western countries have imposed harsh sanctions on Russia and announced their intention to reduce dependence on Russian energy supplies in the foreseeable future.
