Japan Adds Garantex to Sanctions List

Japan added cryptocurrency exchange Garantex to its sanctions list on October 2, subjecting payments and specified capital transactions involving the designated parties to government-permission requirements. The measures were part of a broader package covering 33 organizations and nine individuals, as well as service and financing restrictions on 35 vessels, according to the government’s announcement. The package was announced by Japan’s foreign, finance and trade ministries under the Foreign Exchange and Foreign Trade Act. The official appendix names Garantex Europe OU and lists Garantex as an alias. The new restrictions extend Japan’s sanctions connected to Russia and the war in Ukraine. For the listed organizations and individuals, payments and specified capital transactions, including certain deposits, trusts and loans, are subject to permission requirements. The designation is described as an asset freeze, but Japan’s notice does not state whether Garantex-linked assets were present or frozen in Japan, give an amount, or identify any cryptocurrency wallets.