Garantex Team Expands International Money Laundering Network Despite Sanctions

Transparency International Russia's investigation reveals that the operators behind sanctioned crypto exchange Garantex have established a sophisticated network for laundering money internationally. The system processes billions through Russian and foreign banks, including J.P. Morgan HK and Deutsche Bank Hong Kong, while facilitating dual-use imports into Russia.

Payment platform Exved serves as a key tool, enabling Russian clients to MOVE funds offshore without leaving traces in domestic banks. Despite Garantex's 2022 designation by the U.S. Treasury, its infrastructure remains active—old addresses continue processing transactions, with at least $1.3 billion of the exchange's $96 billion volume linked directly to criminal activity.

The network's resilience highlights growing challenges in combating crypto-enabled sanctions evasion. Kremlin-linked actors reportedly utilize these channels, demonstrating how decentralized finance tools can be weaponized against traditional financial controls.