Japan will announce further sanctions on Russia for its invasion of Ukraine as early as Friday, Prime Minister Fumio Kishida said on Thursday, after consulting with Group of Seven (G7) partners on additional severe measures.

He also stated that Japan will release a record quantity of oil reserves to assist down prices in the aftermath of the Ukraine conflict.

Following Russia’s invasion of Ukraine on February 24, Japan has increased sanctions ranging from banning Moscow from the international payment network known as SWIFT to freezing central bank assets.

It also froze the assets of Russian politicians, oligarchs, banks, and other organizations, in line with the G7, and prohibited high-tech exports to Russia.