The European Union has included the Russian crypto exchange Garantex in its 16th package of sanctions against Russia for aiding in the circumvention of restrictions.

“For the first time, the European Council has decided to impose sanctions on the Russia-based cryptocurrency exchange Garantex, which has close ties to Russian banks sanctioned by the EU,” the press release states.

A total of 48 individuals and 35 organizations have been affected by the new wave of restrictions.

Exved CEO Sergey Mendeleev told ForkLog that the sanctions will not impact the platform’s operations.

“Of course not, [the restrictions won’t interfere with operations]. Garantex has been under sanctions for three years already—it’s actually funny,” he remarked.

Since 2022, the exchange has been under restrictions from the UK and the US. An analysis of known transactions showed that operations totaling over $100 million were linked to illicit entities and darknet marketplaces.

In March 2024, media outlets reported on an investigation into Garantex, in which US and UK authorities examined USDT transfers worth $20 billion. Later, the NCA also linked the exchange to a Russian crypto money-laundering network.

Previously, Chainalysis analysts stated that the latest crypto laws adopted in Russia are aimed at evading sanctions.