US has imposed new restrictions on Russian firms, including BitRiver

In light of the new restrictions, BitRiver’s data centre in Siberia may not be able to operate at full capacity.

According to a Reuters story, the United States has imposed fresh restrictions on Russian organisations, including a crypto mining corporation.

This includes BitRiver, a Moscow-based Bitcoin miner, according to the US Treasury Department’s list of over 40 businesses and individuals. The holding company’s Russia-based subsidiaries are also included.

Those on the list are said to have helped Russia escape sanctions imposed on it for the invasion of Ukraine. Russian billionaire Konstantin Malofeyev also had a hand in several of the companies involved.

Undersecretary for Terrorism and Financial Intelligence Brian Nelson made the remarks, that US sanctions on Russia may be enforced by the Treasury if individuals who try to dodge or assist in the evasion of sanctions are aiding Putin’s cruel war of choice.

Russian banks and Vladimir Putin himself are among the targets of fresh sanctions imposed by Western nations on Russia, which add to the current restrictions against the country.

These new measures are aimed at preventing Russia from using crypto to escape sanctions, given that the nation has the world’s third-largest crypto mining sector.

There are now many more sanctioned groups

In addition to BitRiver, the Russian commercial bank Transkapitalbank and its affiliate Investtradebank were also targeted by the sanctions. Sanctions have been requested in the past by the bank, which services a number of nations.

The government awarded two licences for Transkapitalbank, allowing the bank to be wound down until May 20 and allowing limited transactions from or to Afghanistan until October 20.

Sanctions on Malofeyev, who was initially sanctioned following the takeover of Crimea in 2014, have been increased.

As recently as a few months ago, the United States Department of Justice charged him with breaching sanctions for allegedly funding rebels in Crimea at the time.

BitRiver was singled out by the agency as requiring approval. The statement is as follows: These enterprises help Russia commercialise its natural resources by building massive server farms that offer virtual currency mining power globally.

Because of the sanctions on Russia, BitRiver, a company that runs a data centre in Siberia, may be unable to expand its operations.

The assets of sanctioned organisations in the United States will be frozen by government authorities, making them inaccessible to American residents. None of the sanctioned firms’ wallet addresses was made public by the Treasury Department.

Also Read: The Bank Of England Claims That Crypto Has Left Them With A $419 Million Deficit