The Japanese government has added Russian cryptocurrency exchange Garantex to its expanded list of sanctions against Russia, citing the continuing war in Ukraine.

Officials added 33 organizations and nine individuals linked to Russia to its asset-freeze list that restricts payments and capital transactions with the targeted parties, according to a joint statement issued on Friday by Japan’s Ministry of Foreign Affairs, Ministry of Finance and Ministry of Economy, Trade and Industry.

Garantex was previously sanctioned by the US, the EU and other jurisdictions for helping Russian entities evade financial restrictions.

The new measures also target 35 vessels identified as part of the so-called “shadow fleet” that carries Russian oil and helps Moscow evade existing sanctions. The measures specifically restrict services including repairs and insurance to cover the designated vessels.

Related: Sanctioned crypto exchange Garantex shifts millions as it reboots platform

Through the sanctions, Japan aims to help reduce Russia’s earnings from crude oil exports.

Still, Garantex may already have had a contingency plan in place allowing it to skirt the impact of US actions, according to blockchain intelligence firm TRM Labs, as Cointelegraph reported in August 2025.

The US Treasury’s Office of Foreign Assets Control  then sanctioned Garantex a second time, along with its successor, Grinex.

However, TRM Labs said in a report that the sanctions may be ineffective, as entities like Garantex “appear to prepare contingency plans well in advance of anticipated enforcement measures,” which allow them to quickly migrate clients, infrastructure and funds to successor platforms.

Magazine: Stablecoins can drain from banks and nations at lightning speed