The European Union has sanctioned a Russian crypto exchange for the first time, enhancing pressure on financial networks supporting Russia's war efforts.
New Round of EU Sanctions
The sanctions mark the EU's sixteenth package against Russia, including measures against 48 individuals and 35 entities accused of supporting Russian military actions. Garantex is among the entities listed.
Impact and Consequences of Sanctions
The measures aim to limit Russia's access to international financial systems, particularly in digital assets. They target companies aiding in bypassing trade restrictions and include media outlets spreading Kremlin propaganda.
History of Sanctions Against Garantex
Garantex was first under U.S. sanctions in April 2022 due to roles in facilitating illicit transactions linked to cybercrime and dark marketplaces.
The sanctions against Garantex highlight concerns over Russian exchanges bypassing international restrictions. The EU has sanctioned over 2,400 individuals and entities since the conflict began.
