The Treasury Department’s Office of Foreign Assets Control (OFAC) added Bitriver and 10 of its subsidiaries to the U.S. sanctions list, saying the companies “operated in the technology sector” of the Russian economy.
“The Treasury Department is also taking action against companies operating in the Russian virtual currency mining industry. By operating vast server farms that sell virtual currency mining capacity internationally, these companies are helping Russia monetize its natural resources. Russia has a comparative advantage in cryptocurrency mining due to its energy resources and cold climate. However, the mining companies rely on imported computer equipment and fiat payments, which makes them vulnerable to sanctions,” the Finance Ministry said in a statement.
Unlike previous cases, the latest statement does not include specific addresses on the bitcoin and other cryptocurrency blockchain.