Japan Adds Russian Crypto Exchange Garantex to Asset Freeze List

Japan has imposed a new round of sanctions against Russia, adding Russian cryptocurrency exchange Garantex to an asset freeze list covering 33 entities and nine individuals, the Ministry of Foreign Affairs announced on October 2. Tokyo said the measures, introduced under the Foreign Exchange and Foreign Trade Act, follow steps taken by other major countries over Russia’s war in Ukraine.

What the New Measures Cover

The asset freeze applies a permission system to payments and to capital transactions such as deposits, trusts and money loans involving the listed parties, meaning banks and counterparties must first secure government approval. The package also bans exports to four entities outside Russia and Belarus, restricts service and capital transactions for 35 vessels in Russia’s “shadow fleet,” and prohibits exports to Russia of items that could strengthen its industrial capabilities. The restrictions are based on a Cabinet Understanding titled “Asset Freeze for individuals and entities of the Russian Federation and other measures.”

Garantex Faces a Narrowing Net

Garantex, a Moscow-based exchange, was already sanctioned by the United States and the European Union over allegations that it helped Russian entities evade financial restrictions. Western authorities have repeatedly linked the platform to efforts to keep Russian capital moving despite the sanctions regime. Japan’s designation brings another major economy into line, further cutting the exchange off from compliant banking and liquidity and narrowing the jurisdictions where it can still do business.

Coordinated Pressure on Crypto Rails

The move deepens a coordinated effort by allied governments to close the crypto channels used to bypass sanctions. Western jurisdictions have repeatedly targeted crypto platforms tied to Russia since the full-scale invasion of Ukraine, freezing wallets and exchanges suspected of moving funds for sanctioned parties.

What Comes Next

Japan said the restrictions apply to obligations arising on or after October 2, while contracts concluded before that date receive a grace period through November 1. The freeze list, published in the Ministry of Foreign Affairs Notice issued the same day, places Garantex alongside other Russian entities and individuals whose payments and capital transactions now require prior government permission. Tokyo described the step as part of its continuing response to the situation in Ukraine, contributing to international efforts toward peace.