Japan Freezes Garantex Assets in New Russia Sanctions Package

Japan added the Russian cryptocurrency exchange Garantex to its asset freeze list on October 2, 2026, part of an expanded round of sanctions against Russia that also covers 33 entities, nine individuals and 35 shadow fleet vessels, according to Blockonomi. The measure, announced through a Ministry of Foreign Affairs notice, restricts payments and capital transactions with the named parties under the Foreign Exchange and Foreign Trade Act and a Cabinet Understanding on asset freezes.

Garantex had already been sanctioned by the United States, the European Union and other jurisdictions for helping Russian entities evade financial restrictions. Japan’s action extends existing restrictions rather than building a new case, Cryptobriefing reported.

Key facts

• Japan’s Ministry of Foreign Affairs issued the notice on October 2 adding 33 entities and nine individuals from the Russian Federation, including Garantex, to the asset freeze list.
• A permission system now applies to payments to listed parties and to capital transactions such as deposit contracts, trusts and money loans.
• Service and financing restrictions cover 35 vessels in Russia’s shadow fleet, with permission required for repairs, insurance and related capital transactions.
• Contracts concluded before October 2, 2026 are exempt if carried out before November 1, 2026.
• Garantex was founded in 2019 and has processed at least $96 billion in transactions since April of that year, according to Cryptobriefing.

Export bans and defence-sector targets

Beyond the freeze list, Tokyo banned exports to four specific entities in countries other than Russia and Belarus, and prohibited exports to Russia of items that could enhance Russian industrial capabilities. The Ministry of Foreign Affairs notice lists the four entities.

Cryptobriefing reported that several designated entities sit in Russia’s defence sector, including Tulamashzavod and Motovilikhinskiye Zavody, along with individuals connected to major defence conglomerates. Cointelegraph reported that Japan aims through the measures to help reduce Russia’s earnings from crude oil exports.

Garantex’s enforcement history

Garantex lost its Estonian license in early 2022 over anti-money laundering deficiencies. The US Treasury’s Office of Foreign Assets Control sanctioned the exchange later that year, and the European Union followed in 2025. In March 2025, an international law enforcement operation seized the exchange’s operational infrastructure, including domains and servers in Germany and Finland, and more than $26 million in assets were frozen, Cryptobriefing reported.

Cointelegraph reported that OFAC sanctioned Garantex a second time along with Grinex, which US authorities deemed its successor, and that blockchain intelligence firm TRM Labs said in an August 2025 report that such sanctions may be ineffective because entities like Garantex appear to prepare contingency plans well in advance of anticipated enforcement. Cryptobriefing also noted that US authorities sanctioned Grinex and three Garantex executives in August 2025.

One point of difference between the reports: Blockonomi and Cointelegraph describe 33 entities in the package, while Cryptobriefing says Garantex landed on the list alongside 32 other entities. The two totals count the same category differently.

Why it matters

For crypto businesses with exposure to Japan, the designation adds another sanctions list to screen wallets and counterparties against, with Japanese legal risk now attaching to links with Garantex on top of existing US and EU exposure. Operationally the change may be limited: the exchange’s business was already disrupted by the 2025 seizures, and Cryptobriefing noted there is no immediate market or trading data tied to Garantex to measure a fresh impact.

The package is also a signal of how Tokyo groups its targets. A crypto exchange was placed in the same round as weapons manufacturers and shadow-fleet tankers, reflecting where Garantex sits in policymakers’ thinking about Russia’s war economy.

What to watch

The exemption window runs to November 1, 2026 for contracts concluded before October 2. The open question, as Cryptobriefing framed it, is whether Japan and other jurisdictions extend their lists to cover successor entities such as Grinex, which would show whether coordination can keep pace with platforms that rebrand faster than sanctions lists are updated.

This article is not financial advice, and crypto and sanctions-related markets are volatile and uncertain.

Disclaimer: This article is for information only and is not investment, financial or trading advice. Cryptocurrency prices are highly volatile. Always do your own research.

Sources: Blockonomi, Cointelegraph, Cryptobriefing