U.S. Government Targets Russia’s Crypto Mining Industry for Sanctions Amid Ukraine War

This week, the U.S. Treasury levied sanctions on a cryptocurrency mining company for the first time in its history. The company — a Russian Bitcoin mining firm named BitRiver — was put on the Treasury Department’s Office of Foreign Asset Control.

BitRiver was created in 2017 in Russia and has three offices in the country. Last year, in fear of legal risks, the company assigned its assets to a holding company in Switzerland named BitRiver AG. The U.S. also imposed sanctions on ten of its subsidiaries in Russia, which it claims were helping the country evade sanctions.

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