Japan adds Garantex to list of Russia sanctions over Ukraine war

Japan has added the Russian cryptocurrency exchange Garantex to its list of sanctions in response to the ongoing conflict in Ukraine. This decision comes after Garantex was previously sanctioned by the US, the EU and other jurisdictions for facilitating financial evasion for Russian entities. The Japanese government's move includes imposing an asset freeze on Garantex, preventing payments and capital transactions with the targeted parties.

Additionally, the sanctions target 33 organizations and nine individuals linked to Russia, as well as 35 vessels that transport Russian oil and aid Moscow in evading existing sanctions. These restrictions specifically target services like repairs and insurance for the listed vessels, with the aim of reducing Russia's earnings from crude oil exports.

While Japan's actions may have been anticipated by Garantex, which reportedly had a contingency plan to migrate clients, infrastructure and funds to successor platforms, the sanctions are still intended to lessen Russia's financial gains from oil sales.