Japan adds Garantex to list of Russia sanctions over Ukraine war

What happened

The Japanese government has added Russian cryptocurrency exchange Garantex to its expanded list of sanctions against Russia, citing the continuing war in Ukraine. Officials added 33 organizations and nine individuals linked to Russia to its asset-freeze list that restricts payments and capital transactions with the targeted parties, according to a joint statement issued on Friday by Japan’s Ministry of Foreign Affairs, Ministry of Finance and Ministry of Economy, Trade and Industry.

Garantex was previously sanctioned by the US, the EU and other jurisdictions for helping Russian entities evade financial restrictions. The new measures also target 35 vessels identified as part of the so-called “shadow fleet” that carries Russian oil and helps Moscow evade existing sanctions.

The measures specifically restrict services including repairs and insurance to cover the designated vessels. The US Treasury’s Office of Foreign Assets Control then sanctioned Garantex a second time , along with its successor, Grinex.