Japan's move to bar most used-car sales to Russia slammed the brakes on a trade nearing $2 billion annually that had boomed in the shadow of sanctions over Ukraine elsewhere, according to trade data and market participants.
In early August, Japan's government banned exports of all but subcompact cars to Russia, cutting off a lucrative backchannel in trade in used Toyotas, Hondas and Nissans for a network of brokers and smaller ports, especially Fushiki, an export hub on the Sea of Japan.
By last year, with sanctions elsewhere tightening, Russia was buying more than a quarter of Japan's used-car exports for an average price of almost $8,200. That was more than double the price in 2020, when Russia took about 15% of Japan's used-car exports. That compared to sales of 606,950 new cars of mainly Russian and Chinese brands over the same period, Autostat data showed.
The result: an export industry that has sent hundreds of thousands of cars on the road from Malaysia to Mongolia and Pakistan to Tanzania that were first purchased in Japan. Under the new sanctions, dealers are still allowed to export smaller cars, such as the Toyota Yaris or the Honda Fit, to Russia.
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