Japan Targets Garantex and Russia's 'Shadow Fleet' with Expanded Sanctions
Japan's Ministry of Foreign Affairs, Ministry of Finance, and Ministry of Economy, Trade and Industry announced a joint statement on the latest round of sanctions against Russia. The move comes as the war in Ukraine continues. The sanctions list now includes the Russian cryptocurrency exchange Garantex, which has been targeted for allegedly helping Russian entities bypass existing financial restrictions. Garantex has already been sanctioned by the United States and the European Union.
The Japanese government also added 33 additional organizations and nine individuals linked to Russia to the sanctions list. Furthermore, 35 vessels associated with Russia's 'shadow fleet' were designated, restricting services such as repairs and insurance for these ships. The 'shadow fleet' is a set of ships used to keep oil shipments moving despite efforts to block or limit trade with Russia.
The sanctions aim to reduce Russia's earnings from crude oil exports. This integrated approach reflects a growing tendency in sanctions policy, pairing pressure on financial facilitators with pressure on logistics and trade enablers. The Japanese government's move follows a wider pattern seen across multiple jurisdictions.