Russian cryptocurrency miners to be subjected to sanctions by the United States

The US Treasury has imposed sanctions on BitRiver, a crypto miner with links to Russia, further diminishing Russia’s edge in crypto mining. The sanctions specifically target equipment imports and fiat payments, which are vital to the Russian crypto industry’s success. BitRiver, although originally from Russia, is now based in Switzerland and has three offices in Russia. This is the first time the US Treasury has sanctioned a foreign crypto-oriented company. The recent sanctions add to the long list of entities targeted by the US and other countries, totaling 80 entities subject to various forms of sanctions. While Russia has traditionally had an advantage in crypto mining due to its abundant energy resources and cold climate, these advantages will be greatly reduced without access to imported equipment and fiat payments. The US Treasury’s actions come shortly after Russia’s announcement of plans to adopt cryptocurrencies for international business dealings, which the US and its allies perceive as an attempt to evade international sanctions.