US imposes new sanctions on Russian entities including crypto miner BitRiver
The United States has imposed new sanctions on dozens of people and entities in Russia following its ruthless invasion of Ukraine. As per a report from Reuters, the sanctions extend to a Russian commercial bank, a virtual currency mining company called BitRiver, and Russian oligarchs. On the other hand, several firms have also been leaving the nation.
The U.S. imposes sanctions on BitRiver
The report from Reuters further added that the U.S. Treasury Department said that this is the first time a virtual currency mining company, i.e., BitRiver, has been included in the U.S. sanctions, which aims to prevent Moscow's evasion of the existing sanctions imposed by the European Union as well as authorities based in Washington.Reuters also confirmed that the new sanctions included more than 40 people and entities led by U.S.-designated Russian oligarch Konstantin Malofeyev.
"Treasury can and will target those who evade, attempt to evade, or aid the evasion of U.S. sanctions against Russia, as they are helping support Putin's brutal war of choice," Treasury undersecretary for terrorism and financial intelligence, Brian Nelson, revealed in his statement.It seems that a number of firms have been raining down heavily on Russia following the Feb 24 invasion of Ukraine. As previously covered by Cryptonary, Exmo, a London-based crypto exchange, has stopped operations in Russia and Belarus.
Russia's draft bill on crypto mining
While the U.S. imposed sanctions on BitRiver and 40+ people, Russia has revealed a new draft bill for the regulation of cryptocurrencies as well crypto mining. The crypto miners in Russia might benefit from this draft bill, as per a previous report from Cryptonary. The draft law describes in length the ways and means through which legal entities and individual entrepreneurs will be able to function appropriately in the world of crypto mining. The taxation of cryptocurrency mining will be set separately.Continue reading by joining Cryptonary Pro
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