Japan will not impose an embargo on Russian oil. Japanese Minister of Economy, Trade and Industry Koichi Hagiuda made a statement that the move would lead to difficulties in the country, Reuters reported.

"Given that Japan has limited resources, we will face some difficulties to immediately keep up with other countries," Hagiuda told reporters during a visit to Washington.

In a meeting with U.S. Commerce Secretary Gina Raimondo, the two sides agreed on basic principles for semiconductor cooperation aimed at diversifying chip production capacity, increasing transparency, emergency response to shortages and R&D.

"As the world destabilizes in the wake of the war in Ukraine, coordination with like-minded countries becomes increasingly important. The talks were an important step in advancing Japan-U.S. relations," Hagiuda said.

In a meeting with U.S. Secretary of Energy Jennifer Grangolm, Hagiuda asked the United States for more liquefied natural gas (LNG) production to help Japan reduce its energy dependence on Russia.

According to the official, Tokyo will provide government funding to help Japanese companies pursue LNG projects in the United States. The sides agreed to form initiatives to regularly discuss clean energy technology and energy security in light of the war in Ukraine.