Russian crypto exchange Garantex sanctioned by the EU

The European Union, as part of the 16th sanctions package, has imposed restrictions on working with and cooperating with the Russian cryptocurrency exchange Garantex.

The platform, based in Russia, allows clients to interact with the global financial system bypassing restrictions by funding accounts and withdrawing funds through T-Bank, Sberbank, and Alfa-Bank accounts, which have been under EU sanctions for three years. Through Garantex, clients can freely conduct any transactions with funds, as assets from bank accounts are converted into cryptocurrency, which is then exchanged for other digital or fiat currencies.

In turn, Garantex’s Communications Director, Evgenia Burova, assured that the sanctions would not affect the platform's operations or its clients.

Earlier, it was reported that the P2P marketplace Bitpapa began trading the crypto ruble (RUBT).