The European Union sanctioned Garantex in February 2025 due to its ties to Russian banks, criminal organizations, and its role in helping Russia bypass Western sanctions amid the war in Ukraine.

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The news came after the European Union sanctioned Garantex on Feb. 26 as part of the 16th package of sanctions on 'Russia’s war of aggression against Ukraine.'

For the first time, the Council also decided to sanction a cryptocurrency exchange based in Russia, Garantex, which is closely associated with EU-sanctioned Russian banks.

Meanwhile, authorities in the US and UK are also investigating Garantex for allegedly facilitating over $20 billion in transactions aimed at evading sanctions. Regulators suspect the platform played a role in Russia’s efforts to move funds, potentially contributing to its war-related financial strategies.