Japan freezes Garantex assets and targets 35 Russian shadow-fleet vessels
Japan added crypto exchange Garantex Europe OU to its Oct. 2 asset-freeze list with 33 entities, nine individuals and 35 Russian shadow-fleet vessels, requiring permission for payments.
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Why it matters
Japan's permission system means banks and other compliant counterparties need government approval before transacting with listed parties, so the designation shuts the regulated fiat route that a sanctioned exchange would use to reach customers in a major financial jurisdiction. Bitcoin.com News notes US authorities had already seized Garantex's domain in March 2025, so the practical effect lands on Japanese counterparties rather than on the exchange's operation, and the package also tightens restrictions on Russian oil shipping.
Where the sources disagree
How much crypto volume Garantex processed
roughly $96 billion in crypto transactions linked to the exchange, source not named
Bitcoin Insider
more than $96 billion in total and more than $60 billion after the 2022 sanctions, per Elliptic
Bitcoin.com News, Crypto News (CryptoNews.net)
more than $100 million tied to ransomware and other illicit activity, per US Treasury
Bitcoin.com News
The outlets give different totals and different measurement windows, and Bitcoin Insider does not name the source behind its figure.
When the Japanese designation was announced
measures and Ministry of Foreign Affairs announcement on 2 October 2026, joint statement issued Friday
Crypto News Flash, Crypto.News, Crypto News (CryptoNews.net), Cointelegraph
listing reported on 4 October 2026
Bitcoin Insider
Most outlets date the measures and the ministry announcement to 2 October, while Bitcoin Insider says the listing was reported on 4 October.
Key facts
Japan added Garantex Europe OU to its asset-freeze list on 2 October 2026 under the Foreign Exchange and Foreign Trade Act.
Disputed figureReported by Crypto News Flash
The same package added 33 organisations and nine individuals linked to Russia.
33Reported by Cointelegraph
The package targets 35 vessels identified as part of the Russian shadow fleet, restricting services including repairs and insurance.
35Reported by Cointelegraph
Payments and specified capital transactions involving listed parties now require government permission.
Reported by Cointelegraph
The 2 October annex lists Garantex Europe OU at No. 402, with Garantex given as an alias and addresses in St. Petersburg and Moscow.
Reported by Bitcoin.com News
The US Secret Service and foreign partners seized Garantex's domain in March 2025, and US prosecutors unsealed indictments against executives Aleksandr Mira Serda and Aleksej Besciokov.
Reported by Bitcoin.com News
Treasury said Garantex staff shifted customer deposits to successor exchange Grinex, which had been incorporated in Kyrgyzstan in December 2024.
Reported by Bitcoin.com News
Reported transaction volume for Garantex ranges from roughly $96 billion overall, per Bitcoin Insider, to more than $60 billion after the 2022 sanctions and more than $96 billion in total, per Elliptic, while US Treasury put illicit-linked handling at more than $100 million.
96,000,000,000 USDDisputed figureReported by Bitcoin Insider
What happened
Japan's Ministry of Foreign Affairs said on 2 October that it had added Garantex Europe OU, the registered name of the Russian crypto exchange Garantex, to the country's asset-freeze list, and Crypto.News reported the exchange sits at No. 402 of the annex with addresses in St. Petersburg and Moscow. Cointelegraph reported the designation came in a joint statement from the Foreign Ministry, the Ministry of Finance and the Ministry of Economy, Trade and Industry, and that the same package added 33 organisations and nine individuals under the Foreign Exchange and Foreign Trade Act. Cointelegraph, Crypto.News and Crypto News all reported that payments and capital transactions involving listed parties now need government permission, and that 35 vessels in the Russian shadow fleet face restrictions on repairs, insurance and financing, with Crypto News also reporting export bans on four entities outside Russia and Belarus. Bitcoin Insider put the volume of crypto transactions linked to Garantex at roughly $96 billion without naming where that figure came from, while Bitcoin.com News and Crypto News cited Elliptic with more than $60 billion processed after the 2022 US sanctions and more than $96 billion in total, and Bitcoin.com News cited US Treasury with more than $100 million tied to ransomware and other illicit activity. Bitcoin.com News and Crypto News report that US authorities seized the exchange's domain in March 2025, that Treasury later said Garantex staff shifted customer deposits to Grinex, an exchange incorporated in Kyrgyzstan in December 2024, and that OFAC re-designated Garantex and sanctioned Grinex, three executives and six related companies on 14 August 2025, with Exved also named. Cointelegraph, citing blockchain intelligence firm TRM Labs in August 2025, reported Garantex may have prepared a contingency plan before US action, and Crypto News Flash said US authorities saw customer activity migrate to Grinex and the ruble-backed A7A5 token; no outlet explains how Bitcoin Insider's $96 billion relates to Elliptic's post-2022 figure.
How the story developed
- Official statement
Japan designates Garantex in Oct. 2 package
The Ministry of Foreign Affairs, the Ministry of Finance and the Ministry of Economy, Trade and Industry issued a joint statement adding 33 entities and nine individuals, including Garantex Europe OU, plus restrictions on 35 shadow-fleet vessels.
- First report
First report by Crypto News Flash
Japan Sanctions Garantex as Crypto Crackdown on Russia Expands
- Independent corroboration
Independently corroborated by Cointelegraph
Japan adds Garantex to list of Russia sanctions over Ukraine war
- Update
TRM Labs says Garantex may have prepared a contingency plan
Cointelegraph reported in August 2025, citing blockchain intelligence firm TRM Labs, that Garantex may already have had a way to skirt the impact of US actions.
- Update
Relief on pre-existing vessel contracts ends
Crypto.News reported that vessel contracts signed before 2 October receive limited relief only until 1 November 2026.
- Official statement
Official statement from Bitcoin.com News
Japan’s Ministry of Foreign Affairs Hits Garantex With Asset Freeze
- Update
Washington first sanctions Garantex
Bitcoin.com News and Crypto News report the US sanctioned the exchange in 2022, and Crypto News notes Estonia had revoked its licence over anti-money-laundering failures.
- Update
US authorities seize Garantex domain
The US Secret Service and foreign partners took the domain in March 2025, and the Justice Department unsealed indictments against Aleksandr Mira Serda and Aleksej Besciokov.
- Update
OFAC re-designates Garantex and sanctions Grinex
OFAC re-designated Garantex and sanctioned Grinex, three executives and six related companies in Russia and Kyrgyzstan, with Exved named as another successor.
How coverage built up
Independent sources over time, counted the way the consensus panel counts them: a republication of a wire story does not move the line.
- 4 Oct 2026, 11:15 UTC: Crypto News Flash — 1 independent source, 1 reports
- 4 Oct 2026, 12:40 UTC: Cointelegraph — 2 independent sources, 2 reports
- 4 Oct 2026, 12:43 UTC: Bitcoin Insider — 3 independent sources, 3 reports
- 4 Oct 2026, 13:02 UTC: Crypto.News — 4 independent sources, 4 reports
- 5 Oct 2026, 04:30 UTC: Bitcoin.com News, official — 5 independent sources, 5 reports
Affected entities
Also mentioned: Tether USDt, India, Base
Original sources
| Publisher | Report | Role | Published |
|---|---|---|---|
| Bitcoin.com News Company, official | Japan’s Ministry of Foreign Affairs Hits Garantex With Asset Freeze | Independent | |
| Crypto News Flash Crypto media | Japan Sanctions Garantex as Crypto Crackdown on Russia Expands | Original | |
| Cointelegraph Crypto media | Japan adds Garantex to list of Russia sanctions over Ukraine war | Independent | |
| Crypto.News Crypto media | Japan sanctions Garantex among 33 Russian entities | Independent | |
| Bitcoin Insider Aggregator | Japan Adds Russian Crypto Exchange Garantex to Sanctions List | Syndicated | |
| Crypto News (CryptoNews.net) Aggregator | Japan Adds Russian Crypto Exchange Garantex to Asset Freeze List | Syndicated | |
| Crypto News (CryptoNews.net) Aggregator | Japan's Ministry of Foreign Affairs Hits Garantex With Asset Freeze | Syndicated |
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