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ZEC $1,331 Japan adds Garantex to list of Russia sanctions over Ukraine war
Japan placed the Russian crypto exchange Garantex on an asset-freeze list tied to Russia sanctions over the Ukraine war.
Key takeaways
- Japan's list grew. Japan added 33 entities and nine individuals to its asset-freeze list.
- Vessels face limits. The package covers 35 vessels and imposes service and financing restrictions.
- Prior U.S. action. Treasury linked more than $100 million in known Garantex transactions to illicit actors and darknet markets.
What happened
Japan expanded its sanctions against Russia over the continuing war in Ukraine. The measures now include the Russian cryptocurrency exchange Garantex under an asset-freeze list that restricts payments and capital transactions with targeted parties. Japan's Ministry of Foreign Affairs, Ministry of Finance and Ministry of Economy, Trade and Industry issued a joint statement on Friday.
Japan added 33 organizations and nine individuals linked to Russia to its asset-freeze list. The package also names 35 vessels in a shadow fleet carrying Russian oil and helping Moscow evade sanctions. Under the Oct. 2 measures, payments to the 33 entities and nine individuals require permission. The ministry's appendix identifies Garantex Europe OU, with Garantex listed as an alias.
Why it matters
Garantex already faced U.S. and EU sanctions before Japan's designation. The U.S. Treasury's Office of Foreign Assets Control first sanctioned the exchange in April 2022 and re-designated it in August 2025. Treasury linked more than $100 million in known Garantex transactions to illicit actors and darknet markets, including funds tied to the Conti ransomware group and Hydra marketplace.
TRM Labs has said sanctions may be ineffective because entities like Garantex prepare contingency plans in advance and can quickly move clients, infrastructure and funds to successor platforms. Cointelegraph reported in August 2025 that Garantex may already have had a contingency plan allowing it to skirt the impact of U.S. actions. The notice does not disclose the value of any Garantex-linked assets in Japan.
What the data shows
Japan's October package covers 33 entities, nine individuals and 35 vessels. It imposes service and financing restrictions on the vessels. Existing vessel contracts signed before October 2 receive limited relief only until November 1, 2026.
Background
Garantex has faced U.S. and EU sanctions before Japan's designation, and enforcement actions in the United States and Europe span several years. American authorities disrupted Garantex in 2025 after alleging extensive money laundering and sanctions evasion activity. OFAC later sanctioned Garantex a second time along with its successor, Grinex.
What is still unclear
- The notice does not disclose the value of any Garantex-linked assets located in Japan.
- It does not identify cryptocurrency wallets connected to Garantex or state that a particular amount of digital assets was frozen.
Questions readers ask
Why did Japan sanction Garantex?
Japan expanded sanctions against Russia over the war in Ukraine and added Garantex to an asset-freeze list restricting payments and capital transactions. The package also covers 33 entities, nine individuals and 35 vessels.
Was Garantex already sanctioned?
Yes. Garantex had faced U.S. and EU sanctions before Japan's designation. The U.S. Treasury's Office of Foreign Assets Control first sanctioned the exchange in April 2022 and re-designated it in August 2025.
Could Garantex avoid the sanctions?
TRM Labs has said sanctions may be ineffective because entities like Garantex prepare contingency plans in advance and can move clients, infrastructure and funds to successor platforms. Cointelegraph reported in August 2025 that Garantex may already have had a contingency plan to skirt the impact of U.S. actions.
