EU Adds Russian Crypto Exchange Garantex To Its Sanctions List

The European Union has added the Russia-based cryptocurrency exchange, Garantex, to its sixteenth sanctions package. This decision was announced on February 24, 2025, by the European Council. The EU has sanctioned Garantex due to its close association with EU-sanctioned Russian banks and its involvement in circumventing EU sanctions.

Garantex was previously blacklisted by the US Treasury’s Office of Foreign Assets Control (OFAC) in April 2022 for its alleged ties to illicit financial activities. The crypto exchange has been accused of facilitating transactions linked to criminal actors and darknet marketplaces.

The inclusion of Garantex in the EU’s sanctions list is part of a larger effort to target individuals and entities supporting the Russian war effort. These sanctions will restrict Garantex’s ability to operate internationally and access key financial networks.

In related news, a significant money laundering operation involving Russian agents was dismantled by the UK’s National Crime Agency in December 2024. This operation, dubbed “Operation Destabilise,” uncovered a network of Russian elites, cybercriminals, and organized crime groups involved in laundering billions through drug gangs.

These recent actions highlight the ongoing efforts to combat illicit financial activities in the cryptocurrency space and hold accountable those who facilitate such transactions. Geopolitical tensions are likely to result in more regulatory actions against entities like Garantex in the future.