Japan is preparing to send an economic delegation to Russia in late May, aiming to lay the groundwork for expanded business activity after the war in Ukraine ends, according to sources familiar with the plan [1]. The government of Prime Minister Sanae Takaichi has proposed a two-day visit starting May 26, involving high-ranking representatives from major Japanese companies such as Mitsui & Co, Mitsui O.S.K. Lines Ltd, and possibly Mitsubishi Corp [1]. The delegation is expected to meet with senior officials from Russia's Ministry of Industry and Trade [1].
This planned visit has elicited a cautious response from some Japanese companies, as it would occur during Russia's ongoing invasion of Ukraine, now in its fifth year [1]. Despite the conflict, there are signs of renewed engagement between Tokyo and Moscow. Earlier in the month, Japan imported crude oil from Russia for the first time since the effective shutdown of the Strait of Hormuz, following the U.S.-Israeli war against Iran that began in late February. This move highlighted Japan's vulnerability to disruptions in Middle Eastern energy supplies, as the country relies heavily on crude oil from the region, most of which passes through the strait [1].
In early April, Chief Cabinet Secretary Minoru Kihara and Foreign Minister Toshimitsu Motegi both dismissed media reports about Japan planning to send a business delegation to Russia [1]. Historically, economic cooperation discussions between Japan and Russia were advanced under former Prime Minister Shinzo Abe, but these talks were frozen due to the Ukraine war [1]. Japanese firms such as Toyota Motor Corp and Nissan Motor Co have withdrawn from or scaled back their operations in Russia [1].
Additionally, Japanese lawmaker Muneo Suzuki, who has longstanding ties with Russia, visited Moscow earlier this month and met with Deputy Foreign Minister Andrey Rudenko. Suzuki quoted Rudenko as saying that Russia is open to holding foreign ministerial talks with Japan if Tokyo desires [1].
CONCLUSION
Japan's planned business delegation to Russia signals a cautious attempt to re-engage economically despite ongoing geopolitical tensions. The move underscores Japan's strategic concerns over energy security and hints at potential future dialogue between the two countries. Market impact is likely to be moderate, given the cautious stance of Japanese companies and the unresolved conflict in Ukraine.