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Overview of Minister Kato's Press Conference after G7

On October 1, 2023, Minister Kato held a press conference post the G7 finance ministers meeting, emphasizing the ongoing situation in Ukraine and Japan's role in reinforcing pressure on Russia. The meeting, which took place online, allowed member nations to share their perspectives on this pressing issue. Kato addressed the importance of collective action among G7 countries to ensure a just resolution to the conflict.

Key Points from Minister Kato's Statements

Kato opened the conference expressing gratitude for attendees joining late in the evening. He reported on the discussions that focused on intensifying the pressure on Russia following its continued aggression against Ukraine. While he refrained from divulging specifics of the discussions, he reiterated Japan's commitment to cooperating with the international community to facilitate peace in Ukraine. He alluded to past sanctions Japan has imposed, including the oil price cap adjustment and measures targeting attempts to circumvent those sanctions.

Response to Media Questions

In response to media inquiries, Kato confirmed that no joint statement was made by G7 representatives during this meeting. He addressed the possibility of introducing high tariffs on third-party countries like India and China, which continue importing Russian oil. Kato acknowledged the complexities involved in implementing such tariffs under international law, emphasizing Japan’s cautious stance on these matters.

When asked about the timeline for Ukraine's support, Kato stated that while a unified approach is essential, the current situation in Ukraine necessitates urgent and decisive action. He emphasized that the G7's deliberations are crucial in maintaining a coherent support framework for Ukraine, considering various fiscal policies to enhance aid coordination.

Kato also commented on the European Union's interest in utilizing frozen Russian assets to support Ukraine, indicating that the discussions from the G7 meeting included varying perspectives from EU members.

Future Discussions and Next Steps

Looking forward, Kato noted the importance of continuing discussions on enhancing sanctions against Russia and ensuring the support structures for Ukraine remain robust. He mentioned that while the logistics for an in-person meeting of finance ministers have yet to be arranged, the urgency of the situation called for prompt and effective cooperation among G7 countries.

As the dialogue progresses, Kato's leadership will be vital in shaping Japan's policies regarding international fiscal collaboration, particularly in response to adversarial actions by Russia. The commitment to exploring all possible measures to reduce Russia's revenue streams and support Ukraine consistently stands at the forefront of Japan's financial diplomacy.

In closing, Kato reaffirmed the G7's shared objective of achieving a lasting peace in Ukraine and maintaining unity among member states to confront the ongoing challenges effectively.