Russia’s latest sanctions target: Cryptocurrency mining

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WASHINGTON, (AP) – More than 40 people and entities were placed under new sanctions Wednesday by the U.S. for attempting to evade the continuing wave of sanctions imposed on Russia in punishment for its invasion of Ukraine.

These sanctions include the first penalty against a cryptocurrency mining firm in connection to the war.

Transkapitalbank has been designated by the Ministry of Finance as a commercial bank. It has operations in China (and the Middle East)

Transkapitalbank, a Russian commercial bank owned privately, assists clients in processing payments in dollars. It also provides an alternative communication channel for SWIFT, which is the dominant system worldwide for financial transactions.

The Ministry of Finance also targeted Russian oligarchs nominated US Konstantin Malupiev, founder of Tsargrad TV, a Russian Orthodox news channel.

Also, sanctions were slated for Malufiev in December 2014. It was also slated for sanctions in December 2014.

For the first-time, penalties were imposed by the U.S. against cryptocurrency mining companies for their involvement in the war.

Wednesday’s sanctions package for foreign asset control from the Ministry of Finance included Bitriver AG and 10 of its subsidiaries, as well as the digital currency company Bitriver AG.

The Treasury Department stated in a statement that the United States was committed to “ensuring no asset, however complex, becomes a mechanism for the Putin regime to offset sanctions.”

Lawmakers and government officials expressed concern that Russia could use cryptocurrencies to stop the effects of the recent collapse of the sanctions imposed on banks and oligarchs in response to the invasion.

Experts agree that Russia would need to increase its reliance on cryptocurrency in order to support its financial deals. But, officials from finance have denied the suggestion that cryptocurrencies could be a motive to avoid sanctions.

Inca Digital’s CEO Adam Zarzinski says that there will be more penalties against miners of cryptocurrency and crypto companies. Oligarchs and sanctions-affected people will seek ways to lower their assets to avoid sanctions.

He said that Bittriver may not be as affected by sanctions as the US hopes. Bitter River was sanctioned by U.S. government but it does not stop Bitterriver doing business. It cannot interact with the U.S. banking system. , said.

Janet Yellen, the Finance Minister, stated that Russia’s invasion was an attack on the fundamental international rules and norms. This statement was made shortly after the announcement of the sanctions.

“The United States stands strong with the Government of Ukraine, and the Ukrainian people.”

This statement was made in connection to the meeting of both the Joint International Monetary and Financial Committee and Development Committee regarding the spring meetings at the International Monetary Fund and World Bank.

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