Japan has added Garantex Europe OU, known as Garantex, to sanctions measures covering 33 entities and nine individuals. The designation subjects covered dealings to Japan’s permission rules. The notice does not say Japan identified or froze any Garantex-linked cryptocurrency.
- Covered payments and capital transactions require government permission.
- Japan disclosed no Garantex-linked wallet or asset value.
- The wider package also includes controls involving 35 vessels.
- U.S. figures for Garantex and the A7 network measure different activity.
What Japan’s designation shows, and what it does not
Japan’s Ministry of Foreign Affairs said the measures followed a Cabinet decision on sanctions related to Russia’s war in Ukraine. They were introduced under the Foreign Exchange and Foreign Trade Act. The appendix names Garantex Europe OU and lists Garantex as an alias. It gives addresses in St. Petersburg and Moscow, including one at Federation East Tower in Moscow City.
Under the measures, covered payments and specified capital transactions involving designated parties require government permission. Listed transactions include deposits, trusts and money loans. The rules restrict dealings within their scope. They do not amount to a worldwide ban on every transaction involving Garantex.
Japan describes the measures as an asset freeze, but that does not mean the government has publicly documented a cryptocurrency seizure. The notice does not identify a Garantex-linked wallet, say that a specific amount of crypto was blocked, or disclose the value of related assets in Japan.
Japan’s wider sanctions package
The package also prohibits exports to four entities outside Russia and Belarus, adds restrictions on goods that could contribute to Russia’s industrial capabilities, and imposes controls concerning 35 vessels.
For those vessels, specified services, money loans and debt guarantees related to their sale, purchase, lease or charter require permission. A limited exception applies to qualifying obligations or services under contracts concluded before Oct. 2, 2026, if they are carried out before Nov. 1, 2026. This transition rule applies to vessels, not Garantex transactions.
Sanctions and enforcement actions against Garantex
The U.S. Treasury’s Office of Foreign Assets Control (OFAC) first sanctioned Garantex in April 2022. Treasury linked more than $100 million in known Garantex transactions to illicit actors and darknet markets, including funds associated with the Conti ransomware group and the Hydra marketplace. OFAC’s sanctions targeting crypto addresses tied to Houthi funding show how enforcement has also focused on specific crypto rails.
In February 2025, the European Union sanctioned Garantex as part of its 16th package targeting Russia. The measures froze assets in the EU and barred EU citizens and companies from making funds available to the exchange. The Council of the EU described Garantex as “closely associated with EU-sanctioned Russian banks.” The UK’s sanctions against HTX and Garantex extended the pressure campaign to another jurisdiction.
On March 6, 2025, U.S. authorities seized three domains used by Garantex, while German and Finnish authorities seized servers supporting its operations. Garantex suspended services after Tether froze more than 2.5 billion rubles’ worth of USDT connected to the exchange. The reported amount does not show that all the affected tokens belonged to Garantex itself.
OFAC designated Garantex again in August 2025 under U.S. cyber sanctions authorities. Treasury said the exchange had “directly facilitated” ransomware actors and other cybercriminals. It repeated its estimate that more than $100 million in transactions since 2019 were connected to illicit activity. These are Treasury’s findings and characterization, not a court’s determination.
Garantex, Grinex and A7A5
U.S. authorities said Garantex moved customers and funds to Grinex after the March 2025 disruption. Treasury described Grinex as a successor exchange created by Garantex employees and said customer deposits were transferred there. Treasury also said some Garantex customers regained access to their balances through A7A5, a ruble-backed digital asset issued by Old Vector.
Treasury said A7A5 was created for customers of A7, a Russian cross-border settlement company that U.S. authorities accused of supporting sanctions evasion. These remain government claims. They do not establish that every Grinex activity or asset is legally or operationally attributable to Garantex.
The U.S. Justice Department later unsealed charges against Garantex administrators Aleksej Besciokov and Aleksandr Mira Serda. Prosecutors alleged that the exchange facilitated money laundering and sanctions violations, and said it processed at least $96 billion in cryptocurrency transactions since April 2019. That figure is the alleged total transaction volume, not a measure of illicit proceeds. The criminal accusations remain allegations.
On Oct. 1, 2026, the U.S. Treasury sanctioned the A7 Network as a transnational criminal organization. The Financial Crimes Enforcement Network (FinCEN) proposed restrictions on fund transfers involving its sub-agents. It said its investigation found that they processed more than $17 billion between January 2025 and June 2026. That figure concerns A7 sub-agents, not Garantex.
Three figures with different meanings
- More than $100 million: Treasury’s estimate of Garantex transactions linked to illicit actors or activity.
- At least $96 billion: The Justice Department’s alleged total cryptocurrency transaction volume processed by Garantex since April 2019.
- More than $17 billion: FinCEN’s reported transaction volume for A7 sub-agents from January 2025 to June 2026.
These figures measure different things. Calling Garantex’s alleged $96 billion in total volume illicit funds would be misleading.
Key questions and answers
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What did Japan designate?
Japan added Garantex Europe OU, with Garantex listed as an alias, to measures covering 33 entities and nine individuals. Japan’s designation of Garantex was part of a wider sanctions package.
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Did Japan announce a crypto seizure?
No. Japan’s notice does not identify a Garantex-linked wallet or disclose a cryptocurrency amount or asset value in Japan.
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What dealings require permission?
Covered payments and specified capital transactions involving designated parties require government permission. These include transactions involving deposits, trusts and money loans.
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Does the $17 billion figure describe Garantex?
No. FinCEN attributed that figure to A7 sub-agents between January 2025 and June 2026.
Japan’s sanctions designation of Garantex adds to the legal pressure on the exchange after U.S. and EU sanctions and enforcement actions. The notice does not establish that Japan located or seized any Garantex-linked crypto assets. That distinction matters when reporting sanctions claims, allegations and transaction-volume figures.
