EU Adds Russian Crypto Exchange to sanctions List
the European Union has expanded its sanctions, targeting the Russian crypto exchange Garantex. This move is part of the EU’s ongoing efforts to disrupt financial networks supporting Russia.
Garantex was already on the U.S. Treasury’s Office of Foreign Assets Control (OFAC) blacklist as 2022. Now, it’s included in the EU’s sixteenth sanctions package. This package targets 48 individuals and 35 entities linked to Russia’s military actions, as announced by the Council of the EU on February 24.
Notably, this is the first time the EU has sanctioned a Russian crypto exchange. Garantex is tied to EU-sanctioned Russian banks, making it a significant target.
The sanctions also hit businesses aiding Russia in evading trade restrictions, oil transport firms, and a Chinese satellite imagery provider. Media outlets spreading Kremlin propaganda are also in the crosshairs.
With over 2,400 individuals and entities sanctioned, the EU shows its commitment to curbing Russian influence. Officials are prepared to impose more sanctions if necessary.
Garantex’s previous OFAC sanction was due to its involvement with darknet markets and ransomware groups. This highlights the exchange’s role in facilitating illicit financial activities.
