The European Union has included the Russian cryptocurrency exchange Garantex in its 16th package of sanctions against Russia for aiding in the circumvention of restrictions.
“For the first time, the European Council has decided to impose sanctions on the cryptocurrency exchange Garantex, based in Russia, which is closely linked to Russian banks under EU sanctions,” the press release stated.
A total of 48 individuals and 35 entities have been affected by the new wave of restrictions.
Exved CEO Sergey Mendeleev told ForkLog that the new sanctions will not impact the platform’s operational activities.
“No, of course, [the restrictions will not hinder operations]. Garantex has been under sanctions for three years, it’s even funny,” he noted.
Since 2022, Garantex has been under restrictions from the UK and the US. An analysis of known transactions on the platform revealed that operations exceeding $100 million are linked to illegal entities and darknet marketplaces.
In March 2024, media reported on an investigation into Garantex, during which US and UK authorities examined USDT transfers amounting to $20 billion.
Later, the NCA also linked the exchange to a Russian cryptocurrency laundering network.
Analysts at Chainalysis claim that the latest cryptocurrency laws adopted in Russia are aimed at evading sanctions.