After Russia temporarily banned Western investors from selling shares in key energy projects, Japan’s minister for economy, trade and industry Koichi Hagiuda stated that the country intends to keep a stake in the Sakhalin-1 oil and gas project, Reuters reported.

At a news conference, Hagiuda elaborated that the project contributed to Japan’s diversification of its energy supply.

“Sakhalin-1 is a valuable non-Middle East source for Japan, which depends on the Middle East for 90% of its crude oil imports,” he said, adding “There is no change in maintaining the interests of Japanese companies in it.”

As part of a sanctions standoff with the West, Russia has prevented investors from so-called unfriendly countries from selling shares in banks and key energy projects, including Sakhalin-1.

In his remarks, Hagiuda said Japan intended to maintain stakes in Sakhalin-2 with its trading houses.

“We’ll need to consider specific measures after confirming details of Russia’s decision,” he said.

“The public and private sectors will work together to ensure a stable supply of LNG to Japan,” Hagiuda said. They shared a basic policy on maintaining the stakes, and he hoped the trading houses would start the procedure for converting to the new entity if they could meet Russia’s conditions.