Tether froze $27 million of USDT at the sanctioned Russian Garantex cryptocurrency exchange, forcing the platform to cease operations. "Tether has joined the war with the Russian crypto market by blocking our wallets worth more than 2.50 billion rubles ($27 million)," Garantex wrote on Telegram's official announcement channel on March 6. The exchange said it had suspended all services, including withdrawals, and its website was currently under maintenance. The move comes shortly after the European Union imposed sanctions on Garantex on Feb. 26 as part of a 16th round of sanctions over "Russia's war of aggression against Ukraine."