Japan Sanctions Garantex Crypto Exchange Over Russia-Ukraine War

The Japanese government has broadened its sanctions against Russia, specifically targeting the cryptocurrency exchange Garantex. This move is part of an expanded asset freeze list that restricts payments and capital transactions with the listed entities, as announced in a joint statement by Japan’s Ministry of Foreign Affairs, Ministry of Finance, and Ministry of Economy, Trade and Industry.

Garantex was previously sanctioned by the US, the EU, and other jurisdictions for aiding Russian entities in evading financial restrictions. Alongside Garantex, Japan added 33 organizations and nine individuals linked to Russia to its asset-freeze list. The new measures also target 35 vessels identified as part of the so-called “shadow fleet” that carries Russian oil, helping Moscow evade existing sanctions.

The sanctions aim to reduce Russia’s earnings from crude oil exports. However, reports from Cointelegraph in August 2025 suggested that Garantex may have had a contingency plan to mitigate the impact of US actions, according to blockchain intelligence firm TRM Labs. The US Treasury’s Office of Foreign Assets Control later sanctioned Garantex again, along with its successor, Grinex.

TRM Labs noted in a report that sanctions may be ineffective, as entities like Garantex appear to prepare contingency plans well in advance. These plans allow them to quickly migrate clients, infrastructure, and funds to successor platforms, potentially undermining the enforcement measures.