Japan has imposed a new round of sanctions on Russia, adding cryptocurrency exchange Garantex to its asset freeze list. The government announced the measures on October 2, targeting 33 entities and nine individuals from the Russian Federation. Tokyo also introduced service and financing restrictions on 35 vessels in Russia’s shadow fleet.

Garantex had previously faced sanctions from the United States, the European Union, and other jurisdictions, and Japan’s listing adds a major Asian economy to that group. The latest measures fall under the Foreign Exchange and Foreign Trade Act, the legal basis for Japan’s economic sanctions, and a Cabinet Understanding on asset freezes.

Asset Freeze Targets 33 Entities, Nine Individuals, and Garantex

The Ministry of Foreign Affairs issued a notice on October 2 naming the targeted parties, and Garantex appears among the listed entities. Authorities alleged that the exchange helped Russian entities evade financial sanctions. The listed parties now face restrictions on payments and capital transactions.

The Japanese government explained its reasoning in an official statement. It said it acted “in view of the current international situation over Ukraine.” The statement added that the goal is “contributing to the international efforts for achieving international peace.” Tokyo also said it acted “in line with the measures taken by other major countries.”

The decision rests on a Cabinet Understanding titled “Asset Freeze for individuals and of the Russian Federation and other measures.” Under it, a permission system applies to payments to the listed parties. The same system covers capital transactions with them, including deposit contracts, trusts, and money loans. As a result, such dealings now require government permission — a scope that reaches routine financial interactions with a listed crypto exchange, not only large transfers.

Japan also added export bans to the package. Exports to four specific entities in countries other than Russia and Belarus are now prohibited. In addition, Japan banned exports to Russia of items that could enhance Russian industrial capabilities. The Ministry of Foreign Affairs notice lists the four entities.

Shadow Fleet Vessels Face Service and Financing Restrictions

Japan also targeted 35 vessels within Russia’s shadow fleet — vessels that typically operate with opaque ownership and outside conventional insurance and regulatory oversight — as part of the new sanctions. The Ministry of Foreign Affairs notice lists each ship. A permission system now applies to the services specified in a Ministry of Finance notice when those services are provided to the listed vessels.

Capital transactions involving the vessels also require permission. These include money loans and debt guarantee agreements. The agreements accompany the sale, purchase, lease, or charter of the specific ships, and permission is required before any of them proceeds.

The vessel measures apply to obligations and services performed on or after October 2, 2026. However, the government noted an exception for contracts “concluded before October 2, 2026.” Those contracts must also be carried out before November 1, 2026, and under this exception the new permission requirements do not apply to them.

With the update, Garantex now faces the same payment and capital transaction restrictions as the other listed parties, while the Ministry of Finance notice defines the services covered under the vessel permission system. For readers tracking the package, the November 1, 2026 cutoff for grandfathered vessel contracts stands out as the key deadline to watch.