Japan froze the assets of Garantex Europe OU on October 2, adding the Russian crypto exchange to its sanctions annex alongside defense contractors and entities linked to Russia's oil trade. The action illustrates the challenges of enforcing international sanctions against platforms that prepare successor operations.
Garantex had already faced significant enforcement pressure. The U.S. Treasury's Office of Foreign Assets Control first sanctioned the exchange on April 5, 2022, citing its operation in Russia's financial-services sector. Treasury later stated that more than $100 million in transactions processed by Garantex since 2019 were tied to ransomware, terrorism, and other illicit activity.
Despite the 2022 sanctions, Garantex continued operating. Blockchain analytics firm Elliptic reported that the exchange processed more than $60 billion after the initial U.S. sanctions and more than $96 billion in total. Estonia had revoked the exchange's license over anti-money-laundering failures, and the European Union eventually sanctioned it as well.
The situation intensified in March 2025. The U.S. Secret Service, working with foreign partners, seized Garantex's domain. The Justice Department unsealed indictments against executives Aleksandr Mira Serda and Aleksej Besciokov, with Besciokov arrested in India.
However, by the time authorities seized Garantex's domain, the exchange's personnel had already transferred customer deposits to another platform called Grinex. Treasury records showed Grinex had been incorporated in Kyrgyzstan in December 2024, months before the domain seizure. By August 14, 2025, the Office of Foreign Assets Control re-designated Garantex and sanctioned Grinex, three executives, and six related companies in Russia and Kyrgyzstan. A third successor platform, Exved, was also named.
Under Japan's Foreign Exchange and Foreign Trade Act, Japanese residents and companies now require permission to make payments to Garantex Europe OU or enter certain deposit, trust, and loan arrangements with it. The practical effect is an asset freeze, with contracts predating October 2 receiving a limited grace period when obligations are completed before November 1.
Japan's package extends beyond crypto, restricting exports to four entities outside Russia and Belarus, placing 35 vessels under controls, and expanding restrictions on goods capable of strengthening Russia's industrial base. The Garantex designation represents a smaller component of broader economic measures.
