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In February 2025, the European Union imposed sanctions on Garantex, Russia’s largest cryptocurrency exchange. Shortly thereafter, Tether, the issuer of the stablecoin USDT, followed suit by freezing wallets associated with Garantex—blocking assets estimated to total around $30 million.
The EU stated that Garantex maintained close ties with several sanctioned Russian financial institutions, including Sberbank, T-Bank, and Alfa-Bank, and had allegedly facilitated these banks in circumventing European sanctions.
Following sanctions on the exchange and its USDT wallets, the Russian Ministry of Finance has called for the creation of a domestic stablecoin.
Subsequent to the EU’s action, law enforcement agencies across the U.S. and Europe began seizing the network infrastructure used by Garantex, forcing the platform to suspend cryptocurrency transactions and withdrawals. In response, Garantex invited its clients to attend in-person meetings in Moscow to discuss financial resolutions.
Before these enforcement actions, Garantex was reportedly involved in money laundering operations for ransomware syndicates and cybercriminal groups. An investigation by the U.S. Department of Justice revealed that Garantex had processed at least $96 billion in illicit transactions, prompting the DOJ to file charges against members of the platform’s management team.
At present, the use of cryptocurrencies like USDT remains widespread among Russian businesses for domestic and cross-border transactions. However, the escalating sanctions from both the EU and the U.S. have introduced significant risks, including the freezing of digital assets, prompting Russian authorities to consider launching their own stablecoin.
Osman Kabaloev, Deputy Director of Financial Policy at the Russian Ministry of Finance, urged the government to develop a national stablecoin, one that would not be subject to the control of U.S.-based companies such as Tether. This, he argued, would provide Russian enterprises with greater independence in global trade.
Russia has also previously explored the creation of a digital ruble—a blockchain-based electronic currency pegged to the Russian ruble. Like a stablecoin, the digital ruble would operate independently of traditional financial systems such as SWIFT, offering the Kremlin another means of mitigating the impact of international sanctions.
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