Japan expands Russia sanctions to include cryptocurrency exchange Garantex

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

The new measures also target 35 vessels identified as part of a fleet carrying Russian oil and helping Moscow evade existing sanctions. The measures restrict services, including repairs and insurance coverage, for the designated vessels. Japan aims to reduce Russia's earnings from crude oil exports through the sanctions.

The US, the EU and other jurisdictions previously sanctioned Garantex for helping Russian entities evade financial restrictions. TRM Labs said in August 2025 that Garantex may already have had a contingency plan allowing the exchange to evade the impact of US actions. The US Treasury's Office of Foreign Assets Control then sanctioned Garantex a second time, along with its successor, Grinex. However, TRM Labs said in a report that sanctions may be ineffective because entities such as Garantex appear to prepare contingency plans well before anticipated enforcement measures. TRM Labs said those plans allow the entities to quickly migrate clients, infrastructure and funds to successor platforms.