Prime Minister Fumio Kishida told the other G-7 leaders that he planned to put more punishments on Moscow, including a ban on buying gold from Russia.
A government spokesman in Munich told reporters that Japan will also ban services like accounting and freeze the assets of another 70 people.
The UK government said in a statement:
This measure will have global reach, shutting the commodity out of formal international markets.
However, analysts played down the potential impact because the London Bullion Market Association, which sets standards for that market, removed Russian gold refiners from its accredited list in March.
As of 6:20 in the morning, Monday in London, the spot price of gold had gone up 0.5% to $1,835.99 an ounce. Since the west put punishments against Russia, shipments between Russia and London have dropped to almost nothing.
As a response to the war in Ukraine, Russia is cutting off natural gas supplies to the European Union. This is putting the EU's unity to the test.
As a result of the EU's punishments against Russia, there are more problems with gas supplies. This is making member countries hurry up their winter preparations as they try to fill up their empty storage tanks.
Diplomats say that EU energy ministers will talk about risk preparedness at a meeting on Monday in Luxembourg.
G7 leaders commit support to Ukraine, unity against Russian aggression