Japan Slaps Sanctions on Garantex and Russian Oil Fleet Over Ukraine War

The Japanese government has added Russian cryptocurrency exchange Garantex to its expanded list of sanctions against Russia, citing the ongoing war in Ukraine. The sanctions also target 35 vessels identified as part of the so-called 'shadow fleet' that carries Russian oil and helps Moscow evade existing sanctions. According to a joint statement issued by Japan's Ministry of Foreign Affairs, Ministry of Finance, and Ministry of Economy, Trade and Industry, the new measures specifically restrict services including repairs and insurance to cover the designated vessels. This move aims to help reduce Russia's earnings from crude oil exports. Garantex was previously sanctioned by the US, the EU, and other jurisdictions for helping Russian entities evade financial restrictions.