Crypto Mining Firm Included in Russian Sanctions

The United States (US) government announced additional sanctions against more than 40 individuals and businesses suspected of dodging the current wave of sanctions levied against Russia for invading Ukraine.

According to the press release from the US Treasury Department, the US government, for the first time, imposed sanctions on a cryptocurrency mining company in connection with the war.

Bitriver AG, a digital currency company, and ten of its subsidiaries were sanctioned by the Treasury’s Office of Foreign Assets Control on Wednesday.

Lawmakers and administration officials said Russia may be utilizing cryptocurrencies to evade the avalanche of sanctions put on banks, oligarchs, and the energy industry in recent months as a result of the invasion.

Brian Nelson, Undersecretary for Terrorism and Financial Intelligence, said the Treasury “can and will target those who evade, attempt to evade or aid the evasion of U.S. sanctions against Russia”. 

“The United States will work to ensure that the sanctions we have imposed, in close coordination with our international partners, degrade the Kremlin’s ability to project power and fund its invasion,” Nelson said. 

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