US sanctions Bitriver mining company

The US government is expanding the scope of its sanctions against Russia by adding crypto mining company Bitriver.

This is part of the country’s broader goal to isolate Russian firms from global finances as the country faces severe sanctions because of its war on Ukraine.

The Treasury Department’s Office of Foreign Asset Control (OFAC) has added Bitriver, along with 10 subsidiaries, to a list of sanctioned entities.

“By operating vast server farms that sell virtual currency mining capacity internationally, these companies help Russia monetize its natural resources”, a statement by the institution briefly read, explaining the urgency and necessity of the decision.

OFAC acknowledged that Russia’s access to energy resources and a cold climate gives it a relative advantage when int comes to mining crypto.

However, the regulator is determined to ensure that Russia and businesses founded in the country may not have a way out through a loophole in the financial system.

OFAC did not list any crypto wallets that may be associated with the mining company, though. Bitriver is also connected Oleg Deripaska, a Russian oligarch whom the US sanctioned back in 2018 for allegedly trying to meddle and influence the outcome of the presidential elections.

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Updated: 04/21/2022 — 10:00