The answer is “Yes”, but not using an archive mechanism provided by Microsoft. The steps you will need to folow are explained in Office 365 for IT Professionals book (I recommend you to buy it if you want to keep up to date with many of the services and features available in Office 365) are the following:
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Remove all owners from the group’s membership list.
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Remove all users from the group’s membership list.
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Add a new group owner. Ideally, this should be a special compliance administration account instead of a tenant administrator.
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Ensure that the group is private so that its documents stay invisible to Delve or other searches.
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Block email by changing the group primary SMTP address and set RequireSenderAuthenticationEnabled property to $True to stop Exchange Online accepting any external email sent to the group.
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Hide the group so that it does not appear in the GAL and other address lists.