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【Japan to Add Crypto Exchange Garantex to Russia Sanctions List】

Japan’s Ministry of Foreign Affairs, Ministry of Finance, and Ministry of Economy, Trade and Industry jointly issued a statement on Friday, formally adding the Russian cryptocurrency exchange Garantex to the asset-freezing list. The measure will strictly restrict fund payments and capital transactions related to Garantex. The statement said the sanctions were expanded because Russia’s war in Ukraine is ongoing. Garantex had previously been placed on sanctions blacklists by the United States, the European Union, and multiple other jurisdictions, after being accused of helping Russian entities evade financial restrictions. In addition to the crypto platform, Japan’s action will also place 33 organizations and 9 individuals on the sanctions list, and impose a ban on repair, insurance, and other services for 35 vessels suspected of transporting Russian crude oil.