Japan has added the Russian crypto exchange Garantex to its asset-freeze list, restricting payments and capital transactions with it as part of a wider sanctions package tied to the Ukraine war. The designation follows earlier action from the US and EU against an exchange tied to more than $96 billion in transactions.
Japan's Ministry of Foreign Affairs, Ministry of Finance and Ministry of Economy, Trade and Industry placed Garantex on the country's asset-freeze list in a joint statement issued Friday. The measures took effect on October 2, 2026, restricting payments and capital transactions with the exchange.
A package built around Russia's war economy
Garantex landed on the list alongside 33 organizations and nine individuals linked to Russia. Several of the other designated entities sit in Russia's defense sector, including Tulamashzavod and Motovilikhinskiye Zavody, along with individuals connected to major defense conglomerates.
The package also targets shipping: Japan introduced service and financing restrictions on 35 vessels tied to Russia's "shadow fleet," which carries Russian oil and helps Moscow evade existing sanctions. The restrictions cover services including repairs and insurance for the designated vessels. Through the sanctions, Japan aims to reduce Russia's earnings from crude oil exports.
An exchange already under pressure
Garantex was founded in 2019 and has processed at least $96 billion in transactions since then. It lost its Estonian license in early 2022 over anti-money laundering deficiencies, and the US Treasury's Office of Foreign Assets Control sanctioned it later that year. The EU followed with its own sanctions in 2025, and an international law enforcement operation seized Garantex's domains and servers in Germany and Finland that March, freezing more than $26 million in assets.
In August 2025, US authorities sanctioned Grinex, an exchange they deemed Garantex's alleged successor, along with three Garantex executives. According to Cointelegraph, blockchain intelligence firm TRM Labs said sanctioned exchanges "appear to prepare contingency plans well in advance of anticipated enforcement measures", allowing them to migrate clients and funds to successor platforms.
Japan's designation does not come with fresh accusations against Garantex; it extends restrictions already in place rather than building a new case.
Sources: Japan Ministry of Finance, Cointelegraph.com News, Crypto Briefing
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