OREANDA-NEWS Sanctions prohibiting the supply of cars from Japan to Russia have hit the Japanese auto industry hard, causing huge losses. This is reported by the publication Autocar Japan.

It is noted that hundreds of thousands of cars that are produced in Japan are now unavailable to Russian buyers and automakers are now counting losses.

Automobile brands Nissan, Mitsubishi, Toyota and Mazda were engaged in the production of cars at Russian car factories, as well as export to the Russian Federation. Automakers hope that the Ukrainian conflict will be resolved, after which the Japanese auto industry will return to Russia.

The fact that Japan will impose a ban on the export of luxury goods to Russia, including premium cars and jewelry, became known at the end of March.

“The government has decided to impose a ban on the export of luxury goods to Russia, including premium cars, precious stones, and jewelry. The ban comes into effect on April 5," Japanese Minister of Economy, Trade and Industry Koichi Hagiudu said.

Japanese Foreign Minister Yoshimasa Hayashi said the Japanese authorities would closely monitor the "side effects" of Japan's sanctions against Russia on the country's economy and financial markets.