EU sanctions Russia’s crypto exchange Garantex over its ties to blacklisted banks

The European Union has rolled out a new round of sanctions, adding crypto exchange Garantex, which was already blacklisted by the U.S. Treasury’s OFAC.

The European Union has added Russian crypto exchange Garantex to its sanctions list as part of a new round of penalties aimed at curbing financial networks supporting Moscow.

Garantex, which was already blacklisted by the U.S. Treasury’s Office of Foreign Assets Control in 2022, has been added to the E.U.’s sixteenth sanctions package, which targets 48 individuals and 35 entities “directly supporting the Russian war effort,” the Council of the E.U. said in a Feb. 24 press release .

The Council also pointed out it was the first time it decided to sanction a cryptocurrency exchange based in Russia, which is “closely associated 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.”

The Council of the E.U.

The package also includes sanctions on businesses helping 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 were also targeted.

The European Union has now sanctioned over 2,400 individuals and entities tied to Russia, with officials saying they are ready to put more sanctions if needed.

Garantex was previously sanctioned by OFAC in April 2022, with authorities  citing  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.