Why did Canada sanction Grinex and other Russian-linked entities?

Canada sanctioned Grinex and 161 other Russian-linked individuals, organisations and vessels as part of a package aimed at restricting financial networks, crypto payment infrastructure and export-related logistics. Canadian officials said the measures are intended to increase pressure on Russia's economy and support Ukraine.

What does Canada's latest sanctions package include?

Canada's sanctions package covers 34 legal entities, seven individuals and 121 vessels. The measures also target financial institutions, crypto-related companies, shipping operators and organisations linked to Russia's energy sector.

How is Grinex involved in Canada's sanctions action?

Grinex was included in the sanctions package because Canadian authorities identified it as part of the crypto infrastructure used for cross-border payments outside traditional banking channels. The sanctions restrict dealings involving the platform under Canadian jurisdiction.

What are the sanctions targeting beyond the crypto sector?

The sanctions also target the Moscow Exchange, the Saint Petersburg Stock Exchange, Absolut Bank, insurance providers, shipping managers and companies linked to Rosatom. Canada said these sectors help support Russia's financial, industrial and export activities.

What does Canada say is the goal of these sanctions?

Canada said the sanctions are designed to increase pressure on Russia to begin negotiations and reduce its ability to generate revenue through financial, energy and logistics networks. Officials stated that the measures form part of broader support for Ukraine.

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Canada sanctions Grinex in Russia crackdown

Written by Jon CuthbertPublished Jun 17, 2026, 4:20 AM

Canada imposed sanctions on 162 Russian-linked individuals, organisations and vessels, including crypto platform Grinex.
The measures target financial networks, crypto payment infrastructure and maritime operators linked to Russian exports.
Canadian officials said the package aims to increase pressure on Russia's economy and support Ukraine.

Canada announced sanctions against 162 Russian-linked individuals, organisations and vessels, including crypto platform Grinex, as part of a broader effort to target Russia's financial and export infrastructure.

The package covers 34 legal entities, seven individuals and 121 vessels, expanding previous restrictions on sectors linked to Russian trade and revenue generation.

“The overall logic of the Canadian package is to simultaneously block the financial channels, crypto infrastructure, and maritime logistics through which Russia ensures the stability of its export revenues amid sanctions pressure,” said Presidential Adviser on Sanctions Policy Vladislav Vlasiuk.

The sanctions target entities including the Moscow Exchange, the Saint Petersburg Stock Exchange, Absolut Bank, Grinex, Old Vector, TengriCoin and several companies linked to the state-owned nuclear group Rosatom.

Canadian officials said the measures are intended to increase pressure on Russia to begin negotiations, and following the announcement there was no immediate market reaction available for Grinex or the sanctioned entities.

The package also includes insurance providers, shipping managers and operators associated with Russia's so-called shadow fleet, which has been used to transport energy exports.

Vlasiuk said recent sanctions introduced by Canada and the United Kingdom reflect a coordinated approach aimed at restricting Russia's access to financial services, crypto infrastructure, logistics networks and energy-related revenues.