Mitsui, Mitsubishi shares fall after Medvedev suggests loss of Russian oil, gas supply to Japan

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TOKYO : Shares of Japanese trading firms Mitsui & Co and Mitsubishi Corp dropped more than 4 per cent on Wednesday after former Russian president Dmitry Medvedev made comments threatening the loss of oil and gas supply to Japan.

Commenting on a reported proposal by Japanese Prime Minister Fumio Kishida at the weekend to cap the price of Russian oil at around half its current level, Medvedev said on social media that Japan “would have neither oil nor gas from Russia, as well as no participation in the Sakhalin-2 LNG project” as a result.

Mitsui and Mitsubishi hold stakes of 12.5 per cent and 10 per cent, respectively, in the Sakhalin-2 project.

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