Japan targets crypto exchange Garantex in new Russia sanctions

The Japanese Ministry of Foreign Affairs confirmed the designation under the Foreign Exchange and Foreign Trade Act, identifying the exchange by its formal name, Garantex Europe OU. While the government order effectively freezes assets held within Japanese jurisdiction, officials have not disclosed specific values or cryptocurrency holdings linked to the platform. The sanctions also impose strict service and financing limitations on 35 vessels, with limited transitional relief for contracts finalized before the October announcement.

This action follows a multi-year enforcement campaign led by U.S. and European authorities. In March 2025, American prosecutors unsealed charges against exchange administrators Aleksej Besciokov and Aleksandr Mira Serda, alleging the platform facilitated $96 billion in transactions since 2019, much of which involved money laundering and sanctions evasion. Following the seizure of its domains and servers by international law enforcement, U.S. regulators tracked the migration of Garantex operations to a successor platform, Grinex, and the subsequent use of the A7 Network for cross-border settlements. The Japanese government’s latest measures represent an expansion of these global restrictions, ensuring that the exchange remains isolated from the local financial system.