The Japanese government has expanded its sanctions against Russia in response to the continuing war in Ukraine. The newly announced measures add the Russian cryptocurrency exchange Garantex to an asset freeze list that restricts payments and capital transactions with targeted parties.
The update was announced on Friday in a joint statement issued by Japan’s Ministry of Foreign Affairs, Ministry of Finance, and Ministry of Economy, Trade and Industry. Garantex has previously faced sanctions from the United States, the European Union, and other jurisdictions over allegations of helping Russian entities evade financial restrictions.
Along with Garantex, Japan added 33 organizations and nine individuals linked to Russia to its asset-freeze list. The measures also target 35 vessels identified as part of a shadow fleet that carries Russian oil and helps Moscow evade existing sanctions, specifically restricting services such as repairs and insurance for the designated ships. Through these steps, Japan aims to help reduce Russia's earnings from crude oil exports.
Blockchain intelligence firm TRM Labs previously reported that entities like Garantex often prepare contingency plans well in advance of enforcement measures. Such plans have historically allowed platforms to quickly migrate clients, infrastructure, and funds to successor platforms, raising questions about the long-term effectiveness of international sanctions.
