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US Goes After Bitcoin Mining Company in Latest Round of Russian Sanctions

Quick take:  

  • Mining company Bitriver has been sanctioned by the US.
  • This is the very first a crypto company has been sanctioned by the Treasury department.

The latest round of sanctions has tightened the screws around Russia. The latest sanctions that were imposed on April 20 have targeted several individuals, entities, a commercial bank, and a crypto mining company.

The US treasury office has gone for a crypto mining company this time. The firm is Switzerland-based Bitriver, a bitcoin mining company.

US sanctioned the first crypto-mining company

Brian Nelson, the undersecretary for Terrorism and Financial Intelligence, stated that the “Treasury can and will target those who evade, attempt to evade, or aid the evasion of U.S. sanctions against Russia, as they are helping support Putin’s brutal war of choice.”

Since the Russian invasion of Ukraine, the US Treasury has imposed several sanctions. The sanctions include several lenders, banks, and now crypto companies.

Bitriver was founded in 2017 and claimed to be the largest climate-friendly cryptocurrency mining company that came under sanctions.

The Treasury Department stated that the firm's operations assisted international clients, which also helped Russia. It also added that “Russia has a comparative advantage in crypto mining due to energy resources and a cold climate. However, mining companies rely on imported computer equipment and fiat payments, making them vulnerable to sanctions.”

The Treasury also sanctioned Transkapitalbank and more than 40 entities and people along with the mining firm.

The International Monetary Fund (IMF) echoed this opinion this week, warning that nations such as Russia and Iran may utilize cryptocurrencies to circumvent sanctions.

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