Ever since the European Union decided the promotion of transatlantic hegemony was worth the well-aimed shot in the foot of self-destructive economic sanctions on Russia, Moscow has increasingly turned East, toward Asia, for trade and investment.
Russia has gradually been shifting its focus following the implementation of European and US sanctions against the country over its annexation of Crimea.
The talks in Japan have dealt a blow to these sanctions, as the meeting concluded with a number of economic deals, 23 of which were centered on energy.
The deals included Russian state-owned oil giant Rosneft and a consortium of Japanese companies comprising Marubeni Corporation, Japan Oil, Gas and Metals National Corporation (JOGMEC) and INPEX Corp. signing a Heads of Agreement for joint exploration, development and production offshore Russia, according to Rosneft.
But the two countries also hope to restart a dialogue over four islands that each country has claimed a right to since the end of World War II.
Prior to this weekend’s deals, the Russian focus had been on China and India, as ties between Russia and Japan were complicated by the territorial dispute over the islands, which Russia refers to as the Kuril Islands, and Japan calls the Northern Territories.
Russia signed a $400 billion gas deal with China in May of 2014, not long after Europe and the US first imposed sanctions.
The new deals signed with Japan could yield billions for companies from both countries.
Not only is the United States poised to lose its influence in Europe if it continues nudging the EU in maintaining sanctions, but it may even lose Asian allies as countries like Japan and the Philippines realize there economic interests lie in Asia and not in North America.
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