Japan’s Ministry of Finance has ordered crypto exchange platforms not to process transactions subject to the sanctions against Russia and Belarus.

In a joint statement by Japan’s Ministry of Finance and Financial Services Agency, Japan will work to prevent the transfer of funds in violation of the sanctions using crypto assets.

“We decided to make an announcement to keep the G7 momentum alive,” Reuters quotes a senior official at Japan’s Financial Services Agency as saying. “The sooner the better.”

Reuters reports that the order was made in compliance with the G7 announcement placing sanctions on the Russian government to end the ongoing military attacks in Ukraine

Japan’s move follows the United States Treasury Department issuing new regulations on Friday that mandates U.S.-based cryptocurrency firms not to engage in transactions with sanction targets. 

The FSA added that unauthorized payments to those sanctioned, even with digital assets, whether NFTs or crypto, will attract punishment ranging from a 1 million yen ($8,478.52) fine or 3 years imprisonment.

Crypto exchanges such as Coinbase have already supported the legal sanctions against Russia as a part of their goal to protect the integrity of all their transactions. 

Peoples Gazette reported last week that Coinbase had blocked 25,000 accounts associated with Russian users believed to be involved in illicit activity.