Japan Adds Garantex to Asset Freeze List in Expanded Russia Sanctions

In Brief:

• Japan added Garantex to its asset-freeze list, restricting payments and capital transactions involving the Russian cryptocurrency exchange under expanded sanctions.
• Japan also targeted 35 shadow fleet vessels, restricting repairs, insurance, and financing arrangements to curb earnings from Russian oil exports.
• TRM Labs reported Garantex prepared contingency arrangements before enforcement actions, while US authorities sanctioned successor Grinex over customer fund transfers.

Japan has added cryptocurrency exchange Garantex to its asset-freeze list, restricting payments and capital transactions with the Russian platform. According to Friday’s statement from Japan’s foreign affairs, finance, and economy ministries, sanctions target 33 organizations and nine individuals over Russia’s war in Ukraine.

Payments to designated parties require permission, alongside capital transactions involving deposits, trusts, and loan agreements. Authorities introduced the restrictions under Japan’s Foreign Exchange and Foreign Trade Act, following the October 2 Cabinet decision.

Garantex already faces sanctions from the United States, European Union, and other jurisdictions over allegations of facilitating sanctions evasion. Japan’s designation adds financial restrictions against the exchange.

Additionally, the government targeted 35 vessels associated with Russia’s shadow fleet, which transports Russian oil and helps circumvent sanctions. These measures restrict services including repairs and insurance, alongside financing arrangements connected with vessel purchases, leases, and charters. Japan aims to reduce Moscow’s crude oil earnings by limiting access to services supporting those shipments.

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Garantex Successor Grinex Faces Sanctions Over Customer Fund Transfers

Earlier US enforcement actions against Garantex prompted investigations into how its operators moved customers and funds onto successor platforms. In August 2025, the US Treasury’s Office of Foreign Assets Control sanctioned Garantex again and designated its successor, Grinex. Treasury accused Garantex employees of creating Grinex to support sanctions evasion and transferring customer deposits to the platform.

According to TRM Labs, Garantex’s leadership appeared to prepare contingency arrangements months before authorities disrupted the exchange. The blockchain intelligence firm found that Grinex was incorporated in December 2024, before the March 2025 enforcement operation. During that operation, international authorities seized Garantex’s domain and froze more than $26 million in cryptocurrency.

Subsequently, Telegram channels linked to Garantex promoted Grinex, offering customers similar services and access to their balances. Treasury reported that the network used the ruble-backed A7A5 token to help customers recover access to funds.

Japan’s sanctions place Garantex alongside Russian organizations and individuals facing payment restrictions, while separately targeting oil transport vessels.

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