# New U.S. sanctions for Russian bank, oligarchs, crypto miner BitRiver
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2022-04-20
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: US Imposes Sanctions on Russian Bank and Mining Company
Meta Description: The U.S. targets Moscow's evasion of sanctions with new measures, including sanctions on a Russian commercial bank and virtual currency mining company.
URL: https://financedigest.com/new-u-s-sanctions-for-russian-bank-oligarchs-crypto-miner-bitriverhtml

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By Daphne Psaledakis and David Brunnstrom

WASHINGTON (Reuters) -The United States on Wednesday imposed [sanctions](https://www.financedigest.com/iran-open-for-business-but-caution-remains-the-watchword.html) on dozens of people and entities, including a Russian commercial bank and a virtual currency mining company, hoping to target Moscow’s evasion of existing sanctions over Russia’s invasion of Ukraine.

The U.S. Treasury Department said it [designated a virtual currency mining company](https://www.financedigest.com/mastering-the-2016-company-logo-design-trend.html "Mastering The 2016 Company Logo Design Trend") for the first time, alongside more than 40 people and entities led by U.S.-designated [Russian oligarch](https://www.financedigest.com/new-u-s-sanctions-imposed-for-russian-bank-oligarchs-crypto-miner-bitriver.html "New U.S. sanctions imposed for Russian bank, oligarchs, crypto miner BitRiver") Konstantin Malofeyev.

[“Treasury can and will target](https://www.financedigest.com/corporate-treasury-is-top-target-for-cybercriminals.html "Corporate Treasury Is Top Target For Cybercriminals") 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 under secretary for terrorism and financial](https://www.financedigest.com/how-to-support-employees-amid-financial-strains.html "How to support employees amid financial strains") intelligence, Brian Nelson, said in a statement.

The Russian Embassy in Washington did not immediately respond to a request for comment.

The United States and its allies have imposed several rounds of sanctions https://graphics.reuters.com/UKRAINE-CRISIS/SANCTIONS/byvrjenzmve on Moscow since its Feb. 24 invasion of Ukraine, including targeting the country’s [largest lenders](https://www.financedigest.com/russias-largest-lender-sberbank-on-track-to-profitability-says-ceo.html "Russia’s largest lender Sberbank on track to profitability, says CEO") and Putin himself.

Wednesday’s move targets Russia’s virtual currency mining industry, reportedly the third largest in the world, sanctioning the holding company of Moscow-based bitcoin miner BitRiver, which [operates data center](https://www.financedigest.com/2021-predictions-operational-resilience-takes-center-stage.html "2021 Predictions: Operational Resilience Takes Center Stage") in Siberia, and 10 of the holding company’s Russia-based subsidiaries.

The Treasury also [put sanctions on Russian commercial bank](https://www.financedigest.com/boes-bailey-says-rate-setters-can-put-inflation-before-bank-worries.html "BoE’s Bailey says rate-setters can put inflation before bank worries") Transkapitalbank, whose representatives it said serve several banks in Asia, including in China, and the Middle East, and have suggested options to evade international sanctions.

Its subsidiary, Investtradebank, was also designated.

Wednesday’s action freezes any U.S. assets of those designated and generally bars Americans from dealing with them.

But Washington issued two general licenses related to Transkapitalbank alongside the sanctions, authorizing the wind down of [dealings with the bank](https://www.financedigest.com/seven-out-of-ten-uk-adults-aged-25-44-never-seek-advice-on-dealing-with-debts-despite-depending-on-the-bank-of-mum-and-dad.html "Seven out of ten UK adults aged 25-44 never seek advice on dealing with debts despite depending on the bank of mum and dad") until May 20 and certain transactions destined for or originating from Afghanistan until Oct. 20 “in support of efforts to [address the humanitarian crisis.”](https://www.financedigest.com/flying-high-could-drones-help-address-the-delivery-crisis.html "Flying High: Could Drones Help Address the Delivery Crisis? ")

The United States also [imposed additional sanctions on Russian](https://www.financedigest.com/oil-prices-rise-after-opec-keeps-output-steady-russian-price-cap-imposed.html "Oil prices rise after OPEC+ keeps output steady, Russian price cap imposed") oligarch Malofeyev, whom U.S. authorities have long accused of being one of the main sources of [financing for Russians](https://www.financedigest.com/g7-finance-chiefs-agree-on-russian-oil-price-cap-but-level-not-yet-set.html "G7 finance chiefs agree on Russian oil price cap but level not yet set") promoting separatism in Crimea. He was first designated under the Obama administration in 2014 when Russia annexed Crimea.

Earlier this month, the U.S. Justice Department [charged Malofeyev with violating sanctions](https://www.financedigest.com/u-s-charges-russian-oligarch-with-violating-sanctions-disrupts-botnet.html "U.S. charges Russian oligarch with violating sanctions, disrupts botnet") imposed on Russia after its invasion of Ukraine.

The United States will work to ensure that the sanctions we have imposed, in close coordination with our [international partners](https://www.financedigest.com/route-genie-partners-withnorsk-global-to-provide-retailers-with-increased-international-carriage-choice.html "Route Genie Partners WithNorsk Global To Provide Retailers With Increased International Carriage Choice"), degrade the Kremlin’s ability to project power and fund its invasion,” Nelson said.

The U.S. State Department is also imposing visa restrictions on over 600 [people in a bid to promote accountability for human rights abuses](https://www.financedigest.com/55-of-people-who-regularly-play-sport-dont-think-being-verbally-abusive-to-another-player-makes-them-a-bad-sport.html "55% OF PEOPLE WHO REGULARLY PLAY SPORT DON’T THINK BEING VERBALLY ABUSIVE TO ANOTHER PLAYER MAKES THEM A BAD SPORT") and violations, U.S. Secretary of State Antony Blinken said in a statement, barring them from traveling to the United States.

Three [Russian officials were also hit with visa restrictions](https://www.financedigest.com/eu-to-restrict-travel-rules-for-russians-split-on-how-far-to-go.html "EU to restrict travel rules for Russians, split on how far to go") over “gross violations of human rights” alongside 17 others hit with restrictions over accusations of undermining democracy in Belarus.

We will use every tool to promote accountability for human rights abuses and violations of [international humanitarian law](https://www.financedigest.com/international-law-firm-calls-in-viato-connect-uk-and-us-offices.html "INTERNATIONAL LAW FIRM CALLS IN VIATO CONNECT UK AND US OFFICES") in Ukraine,” Blinken said.

(Reporting by Daphne Psaledakis, Chris Gallagher, Doina Chiacu, David Brunnstrom, Andrea Shalal and Alexandra Alper; Editing and Heather Timmons and Alistair Bell)


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