U.S. Unveils New Sanctions Against Russia as Invasion on Ukraine Continues

The United States Treasury Department on April 20 unveiled new sanctions against Russia over its invasion on Ukraine, targeting a key commercial bank, a Russian oligarch, and Russia’s virtual currency mining industry.

The U.S. Treasury Department targeted Public Joint Stock Company Transkapitalbank (TKB), a Russian privately-owned commercial bank, for being “at the heart of sanctions evasion,” and its subsidiary Joint Stock Company Investtradebank.

The U.S. Treasury Department also targeted Russian oligarch Konstantin Malofeyev “for having acted or purported to act for or on behalf of, directly or indirectly” the Russian government.

Malofeyev’s son and 40 individuals and entities affiliated with Malofeyev’s network, “including organizations whose primary mission is to facilitate sanctions evasion for Russian entities,” were also included in the new round of sanctions.

The U.S. Treasury Department also targeted “companies operating in Russia’s virtual currency mining industry, reportedly the third largest in the world.”

According to the U.S. Treasury Department, it was the first time it has “designated a virtual currency mining company.”

Specifically, the U.S. Treasury Department targeted virtual currency mining company Bitriver, which currently operates out of three offices across Russia, and its Switzerland-based holding company Bitriver AG, as well as 10 Russia-based subsidiaries.

“The United States is committed to ensuring that no asset, no matter how complex, becomes a mechanism for the Putin regime to offset the impact of sanctions,” the U.S. Treasury Department said in its announcement.

Additionally, the U.S. State Department announced on April 20 that it has imposed visa restrictions on 635 Russian individuals, among other measures, to “promote accountability for human rights abuses and violations” amid the invasion.

The new round of sanctions came on the second day of Russia’s new offensive in the Donbas region of southeastern Ukraine.


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