The Japanese government has added the Russian crypto exchange Garantex to its sanctions list, freezing its assets. The list also includes 33 organizations, nine individuals, and 35 vessels associated with Russia.

Restrictions: Payments, Capital, and Services for the 'Shadow Fleet'

The measures prohibit payments and capital transactions with the designated parties. For the 35 vessels classified as part of the 'shadow fleet,' restrictions cover services such as maintenance and insurance. The decision was announced in a joint statement by Japan's Ministry of Foreign Affairs, Ministry of Finance, and Ministry of Economy, Trade and Industry, against the backdrop of the ongoing war in Ukraine.

Measures Aim to Reduce Russia's Oil Export Revenues

The new restrictions are intended to lower Russia's income from crude oil exports.

Garantex Already Under US and EU Sanctions; Possible Evasion Plans

Previously, the exchange was sanctioned by the US, EU, and other jurisdictions for facilitating the circumvention of financial restrictions. The US Treasury's Office of Foreign Assets Control later reimposed sanctions on Garantex along with its successor, Grinex. According to an August 2025 report by TRM Labs, entities like Garantex are preparing contingency plans for stricter measures, rapidly transferring clients, infrastructure, and funds to successor platforms, which may undermine the effectiveness of sanctions.