Russian cryptomining firms receive US sanctions

The U.S. Treasury Department has introduced new sanctions against major Russian corporations involved in large-scale cryptomining in an effort to better block parties involved in helping threat actors and other entities evade sanctions previously imposed on Russia, BleepingComputer reports. Russia-founded cryptomining firm BitRiver is among the companies impacted by the sanctions despite transferring all legal ownership assets to Switzerland last year, with all 10 subsidiaries of its Swiss holding company Bitriver AG — such as Bitriver Rus, Everest Grup, Management Company Bitriver, Tuvaasbest, Siberskie Mineraly, Bitriver-B, Bitriver-K, Bitriver-Turma, Bitriver-North, and Torgovy Dom Asbest — also included in the sanctions package. Sanctions imposed on BitRiver are aimed at shifting operations in the U.S., according to BitRiver CEO Igor Runets. "These US actions should obviously be viewed as interference in the crypto mining industry, unfair competition and an attempt to change the global balance of power in favor of American companies. BitRiver, as one of the biggest data center operators in Eurasia, will continue to expand and implement investment projects in Russian regions that are optimally suited for the operation of energy-intensive equipment," Runets said.