Japan expands Russia sanctions, adds Garantex over Ukraine war

The Japanese government has broadened its sanctions against Russia, pointing to the ongoing war in Ukraine as the reason for the latest measures.

The expanded restrictions now include Russian cryptocurrency exchange Garantex, which has been placed on an asset-freeze list that limits payments and capital transactions involving the designated 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 had previously been sanctioned by the United States, the European Union and other jurisdictions for assisting Russian entities in circumventing financial restrictions.

Japan added 33 organizations and nine individuals linked to Russia to its asset-freeze list. The latest measures also cover 35 vessels identified as part of the so-called “shadow fleet,” which transports Russian oil and helps Moscow bypass existing sanctions. The restrictions specifically limit services for the designated vessels, including repairs and insurance coverage.

Through these sanctions, Japan is seeking to help reduce Russia’s revenue from crude oil exports.

However, Cointelegraph reported in August 2025 that Garantex may already have put a contingency plan in place to lessen the impact of US measures, according to blockchain intelligence firm TRM Labs.

The US Treasury’s Office of Foreign Assets Control subsequently sanctioned Garantex for a second time, along with its successor, Grinex.

TRM Labs, however, said in a report that the sanctions may prove ineffective because entities such as Garantex “appear to prepare contingency plans well in advance of anticipated enforcement measures,” enabling them to rapidly move clients, infrastructure and funds to successor platforms.