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kommersant.com: Japan Left without Warranty Service

Kommersant photo

(Russia’s Prime Minister Mikhail Fradkov stands between flags during a signing ceremony for cooperation agreements with Japan at Japanese Prime Minister Shinzo Abe’s official residence in Tokyo, February 28, 2007.)

Mar. 01, 2007

Russian Prime Minister Mikhail Fradkov and the numerous delegation of ministers and businessmen spoke in Tokyo yesterday, persuading Japan to increase investment into Russia’s economy, saying that it is risky not to invest into Russia. Japan received no warranties that energy risks would be reduced. However, Russian Premier assured Japan that all Sakhalin-2 contracts will be carried out.

Russian Prime Minister Mikhail Fradkov ended his visit to Tokyo yesterday. “Coming to Russia is not a risk. It’s risky not to come to Russia,” the minister said repeatedly.

Japan hoped to receive warranties that energy resources of Sakhalin-1 and Sakhalin-2 projects will be supplied. Yet, the only promise that Russian ministers made is to carry out all obligations of Sakhalin-2 contracts. The deal is to be closed in March 2007.

Fradkov said: “Having opened our market for Japanese investment, we expect the reciprocal step from Japan”. However, Japan’s investment grew 5 times since 2005. Thus, Japan entered the top ten major investors of Russian economy.

www.kommersant.com

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