Japan's economy minister has reiterated that the country will not withdraw from oil and natural gas projects in Russia's Far East. Hagiuda Koichi says they are essential to securing energy supplies.

He told reporters on Friday "Japan has stakes in both projects and has secured long-term supplies. The projects provide our country with energy at below-market prices, and soaring energy costs are making the projects more important."

Hagiuda also said that Japan imports about 90 percent of its crude oil from the Middle East, and that the Sakhalin-1 project is an important energy source outside that region.

He adds that the Sakhalin-2 project accounts for about 9 percent of his country's imports of liquefied natural gas.

The minister says that Japan will not back out of another LNG development project in the Russian Arctic.

Prime Minister Kishida Fumio says his government will refuse Russian President Vladimir Putin's demand that energy exports be paid for in rubles.

Kishida says he will continue cooperating closely with other G7 members.