Japan Imposes Sanctions on Garantex and Freezes Exchange Assets

The Japanese authorities have imposed sanctions on Garantex, adding the company to an expanded package of restrictions targeting organizations and individuals linked to Russia. The updated sanctions list also includes 32 organizations and nine individuals, including managers from the military-industrial complex and the fintech sector. The Japanese Ministry of Foreign Affairs, the Ministry of Finance, and the Ministry of Economy, Trade and Industry have ordered the freezing of Garantex's assets. Japanese companies and users are now prohibited from making payments and any transactions with individuals and organizations that are under restrictions. Previously, in August 2022, Garantex was already under sanctions from the United States and the European Union for assisting Russian authorities in circumventing financial restrictions. Grinex, the successor exchange to Garantex, has also been sanctioned. Garantex co-founder Sergey Mendeleev was included in the UK sanctions list for supporting the Russian authorities. Mendeleev claims that his business Indefibank has not been operational since 2020.

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