Japan Sanctions Russian Crypto Exchange Garantex Over Ukraine Conflict
The Japanese government has expanded its sanctions against Russia due to the ongoing conflict in Ukraine. The new measures target 33 organizations and nine individuals linked to Russia, as well as 35 vessels identified as part of Moscow's 'shadow fleet' that helps evade existing sanctions.
Garantex, a Russian cryptocurrency exchange previously sanctioned by the US and EU, has been added to Japan's asset-freeze list under an asset freeze that restricts payments and capital transactions with targeted parties. The new measures also target services including repairs and insurance for designated vessels, aiming to reduce Russia's earnings from crude oil exports.
Japan joins other jurisdictions in taking action against Garantex, which has been accused of helping Russian entities evade financial restrictions. However, some reports suggest that the exchange may have contingency plans in place to mitigate the impact of sanctions.