EU Sanctions Hit Garantex Exchange

EU Sanctions Russian Crypto Exchange Garantex

• The EU imposed sanctions on Garantex as part of its 16th countermeasure package against Russian enterprises.
• Garantex is linked with sanctioned Russian banks and activities undermining Ukraine’s territorial integrity.
• The exchange has been under US OFAC sanctions since April 2022.
• It is involved in laundering funds for North Korea’s Lazarus group, exceeding $100 million in illegal transactions.
• Investigations traced over $30 billion laundered through Garantex in 2022 alone.

The European Union has sanctioned Garantex, a Russian cryptocurrency exchange, due to its involvement in laundering over $30 billion and connections to North Korea’s Lazarus group. The exchange has been under scrutiny by the US since April 2022 for facilitating illegal transactions exceeding $100 million.