Japan Slaps Garantex with Sanctions Amid Ongoing Ukraine Conflict

Japan has added Garantex, a Russian cryptocurrency exchange, to its list of sanctions over the ongoing war in Ukraine. This decision was announced by Japan's Ministry of Foreign Affairs, Ministry of Finance, and Ministry of Economy, Trade, and Industry in a joint statement on Friday.

The new measures aim to restrict payments and capital transactions with targeted parties, which includes Garantex under an asset freeze list. The exchange has previously been sanctioned by the US and EU for helping Russian entities evade financial restrictions.

Japan has also added 33 organizations and nine individuals linked to Russia to its asset-freeze list. Additionally, 35 vessels identified as part of Russia's 'shadow fleet' that carries oil and helps Moscow evade sanctions have been targeted.

The new measures specifically restrict services such as repairs and insurance for the designated vessels. Japan hopes to reduce Russia's earnings from crude oil exports through these sanctions.