Japan has expanded its sanctions against Russia to include cryptocurrency exchange Garantex, citing the continuing war in Ukraine and concerns over efforts to bypass financial restrictions.
The Japanese government added 33 Russian-linked organizations and nine individuals to an asset-freeze list, according to a joint statement from the Ministry of Foreign Affairs, Ministry of Finance and Ministry of Economy, Trade and Industry. The restrictions limit payments and capital transactions involving the designated parties.
The measures also cover 35 vessels described as part of Russia’s so-called “shadow fleet.” Japan said services for those ships, including repairs and insurance, would be restricted. The wider package is intended to reduce Russia’s income from crude oil exports.
What the Garantex designation means
Garantex was included alongside the other Russia-related targets after previously facing sanctions from the United States, the European Union and other jurisdictions. Those earlier actions accused the exchange of helping Russian entities evade financial restrictions.
An asset freeze generally prevents people and businesses subject to the measures from accessing assets within the sanctioning jurisdiction and restricts financial dealings with them. Japan’s decision therefore adds another national layer of restrictions around Garantex and parties connected to it.
The action comes as governments continue to target both conventional and cryptocurrency channels that may be used to move funds or avoid existing controls. The Japanese announcement linked the new measures to the continuing conflict in Ukraine.
Questions over the effectiveness of sanctions
Garantex may have prepared for the impact of US enforcement before the measures were announced, according to blockchain intelligence firm TRM Labs, as reported by Cointelegraph in August 2025.
The US Treasury’s Office of Foreign Assets Control later sanctioned Garantex for a second time, together with its successor, Grinex. TRM Labs said sanctions can be less effective when targeted entities prepare in advance to move customers, infrastructure and funds to replacement platforms.
That assessment highlights a challenge for regulators: restricting one exchange or service may not immediately stop related activity if operations can migrate elsewhere. The source material does not provide an estimate of how Japan’s designation will affect Garantex or Grinex.
Moneyiar market picture
Moneyiar market data at the stated times show mixed performance among the listed digital assets:
- Rain (RAIN): $0.0121546978, down 2.69% over 24 hours and 3.04% over seven days, as of October 5, 2026, at 09:38 +03:30.
- ONEchain (ONE): $0.1484167585, up 3.46% over 24 hours but down 0.75% over seven days, as of October 5, 2026, at 09:39 +03:30.
- PolySwarm (NCT): $0.0167332051, up 155.44% over 24 hours and 292.62% over seven days, as of August 27, 2026, at 07:34 +03:30.
- Infinity Ground (AIN): $0.1025293171, down 31.28% over 24 hours but up 48.1% over seven days, as of September 16, 2026, at 01:39 +03:30.
