Russia justifies JT management, claiming ``Japan is a hostile act''

At a press conference on the 11th, Director-General Zakharova of Russia's Ministry of Foreign Affairs asserted that Japan Tobacco's (JT) operations in Russia were unilaterally placed under the control of a Russian company, saying, ``This is a response to blatantly hostile acts by a foreign country (Japan).'' This is a way of justifying that Japan is at fault for imposing economic sanctions on Russia in response to Russia's invasion of Ukraine.

Minister of Economy, Trade and Industry Akazawa demands immediate withdrawal of measures JT Asset Management protests against Russia

Zakharova said the aim was to "minimize the negative economic impact of unjustified and unilateral restrictions." He said the sanctions were "as proportionate as possible" to Japan's sanctions.

On the 5th and 6th, President Putin signed two executive orders placing all seven of JT's Russian subsidiaries under temporary control. JT effectively lost management rights. The Japanese government is the largest shareholder of JT, holding more than one-third of the shares. If dividend income decreases due to temporary management, Japan's finances will also be affected.

According to Russian independent media, the company that manages JT's assets was only registered in Moscow in September this year. Former employees of the Federal Security Service (FSB) are said to have been involved in its establishment.