Japan Freezes Assets of Russian Crypto Exchange Garantex, 33 Organizations and 35 Shadow Fleet Vessels

Japan has widened its sanctions on Russia over the continuing war in Ukraine, and the new list includes the crypto exchange Garantex. A joint statement from the Ministry of Foreign Affairs, the Ministry of Finance and the Ministry of Economy, Trade and Industry said the asset freeze limits payments and capital transactions with the named parties. Garantex was already sanctioned by the US, the EU and other jurisdictions for helping Russian entities get around financial restrictions.

Shadow Fleet Vessels and Asset Freezes

Tokyo froze the assets of 33 organizations and nine individuals tied to Russia. It also targeted 35 vessels described as part of the shadow fleet that carries Russian oil and helps Moscow dodge existing sanctions. Services such as repairs and insurance are now restricted for those ships. Japan says the aim is to cut Russia’s income from crude oil exports.

Can Sanctions Stop Garantex?

Doubts remain over how well such measures work. Blockchain intelligence firm TRM Labs suggested in August 2025 that Garantex may have had a contingency plan ready. The US Treasury later sanctioned it a second time, along with its successor, Grinex. TRM said entities like these prepare well ahead of enforcement, letting them quickly move clients, infrastructure and funds to successor platforms.