US Treasury Department imposed sanctions on the Russian mining company BitRiver

The agency believes that this will prevent the use of mining to monetize natural resources

21.04.2022 - 07:30

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What’s new? The BitRiver mining group has come under sanctions from the US authorities. On April 20, the US Treasury Department published a press release on its website announcing that it is imposing restrictions on all companies within the group.

Press release on the US Treasury Department website

What else is known about the sanctions? BitRiver’s operations and assets, including its 10 subsidiaries, have been completely blocked in the United States, and residents of the country are prohibited from working with BitRiver. The Treasury Department believes that cryptocurrency mining allows Russia to monetize its natural resources, and the US strives to ensure that no asset becomes a mechanism for Russia to circumvent sanctions.

In addition, restrictions have also been imposed on companies linked to Russian entrepreneur Konstantin Malofeev. Earlier, information about his involvement in the withdrawal of funds from the WEX cryptocurrency exchange was actively discussed online.

BBC’s investigation

What had happened before? The experts at the International Monetary Fund (IMF) published the “Global financial stability report.” The experts concluded that sanctioned countries will devote more resources to circumventing restrictions with mining cryptocurrencies.

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