Tether Freezes $27 Million in USDT on Sanctioned Russian Exchange Garantex

On March 6, Tether froze $27 million in USDt on the Russian crypto exchange Garantex, which is under sanctions. Garantex announced the freeze on its Telegram channel, stating that its wallets holding over 2.5 billion rubles were affected. The exchange has temporarily suspended all services, including withdrawals. This action follows the EU's sanctions against Garantex on February 26 as part of measures related to the Russia-Ukraine conflict. The U.S. Department of the Treasury had previously sanctioned Garantex in April 2022.