Japan adds Garantex to list of Russia sanctions over Ukraine war

The Japanese government has expanded its Russia-related sanctions to include the cryptocurrency exchange Garantex, according to a joint statement from the Ministry of Foreign Affairs, Ministry of Finance and Ministry of Economy, Trade and Industry. Authorities added 33 organizations and nine individuals to an asset-freeze list that restricts payments and capital transactions with the designated parties. In addition to Garantex, the new measures target 35 vessels identified as part of a "shadow fleet" used to transport Russian oil and circumvent existing sanctions. The Japanese restrictions specifically prohibit certain services for those ships, including repairs and insurance, reflecting an effort to limit logistical avenues that support continued crude exports. Garantex has already been sanctioned by multiple jurisdictions, including the United States and the European Union, after authorities concluded the exchange helped Russian entities evade financial restrictions. The US Treasury’s Office of Foreign Assets Control later sanctioned Garantex again along with a successor platform named Grinex, as reported in the source material. Blockchain intelligence firm TRM Labs, cited in the source, warned that sanctions may not fully prevent illicit activity because platforms like Garantex can implement contingency plans to migrate clients, infrastructure and funds to successor services quickly. Japan’s measures aim to reduce Russia’s oil-related earnings, but enforcement challenges highlighted by analysts could affect how effectively the restrictions curb sanctioned actors.