Russia’s largest sanctioned crypto exchange, Garantex, has continued to operate despite a U.S.-imposed ban and the recent addition of sanctions by the European Union. The move comes after years of operating within the constraints of financial sanctions imposed on Russia following its invasion of Ukraine. 2023 marked the 16th sanctions package against Russia, with Garantex officially listed due to its close association with sanctioned Russian banks. However, analysts believe this new sanction will have a minimal impact on Garantex’s overall operations, as it has deep ties within the Russian financial ecosystem and boasts a loyal customer base. This despite being blacklisted by the U.S. Treasury’s Office of Foreign Assets Control in 2022 for facilitating illicit transactions. The exchange operates out of Moscow’s Federation Tower, offering cash deposits and withdrawals using popular Russian bank cards like Sberbank, Tinkoff, and Alfa-Bank. While Garantex continues to operate, analysts believe its future is uncertain as the global community attempts to limit their access to funds and resources used for illicit activities.