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The European Union has imposed a new round of sanctions, targeting 48 individuals and 35 entities, including Russian crypto exchange Garantex, which has been added to the EU’s sixteenth sanctions package.
Garantex Added to EU Sanctions List
Garantex, already blacklisted by the U.S. Treasury’s Office of Foreign Assets Control (OFAC) in 2022, is the first Russian cryptocurrency exchange to be sanctioned by the EU due to its close association with EU-sanctioned Russian banks.
“For the first time, the Council also decided to sanction a crypto-currency exchange based in Russia, Garantex, which is closely associated with EU-sanctioned Russian banks,” according to the Council of the EU.
Sanctions Targeting Financial Networks Supporting Moscow
The EU’s latest sanctions package aims to curb financial networks supporting Moscow, targeting businesses that help Russia bypass trade restrictions, three firms moving Russian crude oil, and a Chinese satellite imagery provider accused of aiding the Russian military.
News outlets accused of spreading Kremlin propaganda have also been targeted, with the EU now sanctioning over 2,400 individuals and entities tied to Russia.
Officials have stated that they are ready to impose more sanctions if needed, as part of their efforts to restrict Russia’s access to the global financial system.
Background on Garantex Sanctions
Garantex was previously sanctioned by OFAC in April 2022 due to its involvement in facilitating transactions associated with illicit actors and darknet markets, including funds from the Russian Ransomware-as-a-Service gang Conti and the now-defunct Hydra darknet marketplace.
The EU’s decision to sanction Garantex reflects the growing concern over the use of cryptocurrencies in illicit activities and the need for increased regulation and oversight in the industry.
Cryptocurrency regulation and sanctions continue to be a pressing issue, with governments worldwide working to strike a balance between innovation and security in the crypto market.
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