The European Council sanctioned the exchange of cryptocurrency based in Moscow Garantinex, the measurement being part of the 16th package of EU sanctions for Russia.
As indicated in His notice of implementationThe EU sanctions GIVERTEX because the exchange “is associated with SberBank, T-Banc and Alfa-Banc”-All have been subject to EU sanctions since 2014.
The opinion stipulates that customers of these three banks sanctioned “can access the global financial system via Guarantx, because the rules of bank accounts are exchanged in cryptocurrency and that cryptocurrency is then exchanged in other currencies . “
Announcing the latest sanctions, Kaja Kallas – the high representative of the EU for foreign affairs and security policy – originated that they were partly intended for the three -year anniversary of the foray Russia in Ukraine.
“This new series of sanctions targets not only the Russian shadow fleet, but also those supporting the exploitation of dangerous oils, the video game controllers used to pilot drones, the banks used to bypass our sanctions and the points of Sale of propaganda used to spring lies, “she said.
The American office for controlling foreign assets Guarantor sanctioned in 2022 and The United Kingdom has followed suit In 2023, OFAC describing its platform as a “exchange of virtual currencies to empower ransomware”.
According to Isabella Chase, head of policy in the United Kingdom and the EU for the Blockchain analysis company, TRM Labs, Guarantx has “played a major role” in the activation of illegal financial activity since its foundation in 2019.
“In fact, it is by far the worst offender when it comes to facilitating the escape of sanctions and other illicit activities,” she says Decipher.
According to the TRM laboratories, Garantex and Iran Nobitex represented more than 85% of the entries to the sanctioned entities and the courts in 2024, although Chase affirms that “Guarantx is the worst offender” with regard to illegal activity.
“Exchange has facilitated transactions linked to cybercriminals, Darknet markets and ransomware groups like Conti,” she says. “It was also an important transaction catalyst for Hydra Market, a Russian Darknet market, now disappeared.”
And although it has already been at the end of sanctions from the United States and the United Kingdom, Guarantx “continued to treat billions of transactions per year,” said Chase.
Chainlaysis also confirms this story, with the head of national security intelligence Andrew Fierman Decipher that he continues to be an important node in the illicit cyber-rowing of Russia.
He declares: “Since his designation of sanctions by the United States and the United Kingdom in 2022, Guarantx has continued to support the facilitation of illicit activities, including money laundering for Russian elites and ransomware operators, several once, offering an out-of-ramp ramp for bullet-proof accommodation services that have taken care of the attack ransomware, used by operators of Russian disinformation, the potential operations of the military supply chain and much more. »»
This raises the question of how effective sanctions can be and whether the latest EU measures will make a significant breach in Garantex operations.
For Prierman, it is not so likely, given the significant position that Garantex has established for herself in Russia.
“Although there are a number of small instantaneous exchanges in the Russian language which can help illicit actors to move funds and escape sanctions, confidence plays an important role in the cryptographic ecosystem of Russia and Guarantx is very Appreciated because of its stable liquid reserves, ”he says.
In fact, Fierman believes that as long as Guarantsex remains operational, it is “unlikely” that users move elsewhere following sanctions.
Despite this austere evaluation, TRM Labs crypto crime report in 2025 Recorded a 33% drop in the total volume transferred by entities sanctioned between 2023 and 2024, from $ 21.9 billion to $ 14.8 billion.
This comes into conflict somewhat with equivalent data from the analysis chain, the latter reporting an increase in $ 14.9 billion in 2023 has $ 15.8 billion in 2024.
However, it should be noted that this data also includes volumes received by whole jurisdictions, which means that it will also reflect a legitimate activity.
Edited by Stacy Elliott.
Daily debriefing Bulletin
Start every day with the best reports at the moment, as well as original features, a podcast, videos and more.
