US Treasury Department lists crypto mining firm in latest sanctions to against Russia
The United States Treasury Department added some Russia-based crypto mining services
Including BitRiver and several subsidiaries as firms that facilitating the evasion of sanctions.
The Treasury points out that;
“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,”
Due to the situation, the Treasury will put one’s foot down to face it
The Treasury Department’s Office of Foreign Assets Control, or OFAC, said;
“It was taking action against BitRiver AG as well as 10 of its Russia-based subsidiaries, naming the companies as ‘Specially Designated Nationals’. Firms and individuals listed as such by OFAC have their assets blocked and “U.S. persons are generally prohibited from dealing with them.”
According to the U.S. Treasury, the actions against BitRiver and its subsidiaries based on them allegedly;
Facilitating “sanctions evasion for Russian entities,”
Because hinting crypto, may have a role to helping Russia’s government circumvent U.S,
Economic measures leveled in response to the invasion of Ukraine.
The government department also said that BitRiver operated server farms selling crypto mining capacity internationally
Which will help Russia to “monetize its natural resources.”
“Russia has a comparative advantage in crypto mining due to energy resources and a cold climate,” said Treasury.
However, mining needs more than that,
The companies rely on imported computer equipment and fiat payments
Which makes them vulnerable to sanctions.
The United States is commit to give no ways to help Russia
Then, ensuring that no asset, no matter how complex, becomes a mechanism for the Putin regime to offset the impact of sanctions.