US Treasury Enacts First Sanction On Mining
The US Treasury, in further attempts to cut off Russia amidst the war, has added a Russian crypto mining firm and ten subsidiaries to its Specially Designated Nationals list. Russia has been using cryptocurrency to offset some of the sanctions placed by the U.S. and many other countries. While Russia does have the ideal (cold) weather conditions to house mining facilities, they are still dependent on importing hardware. The new sanctions could limit any expansions or new mining facilities from purchasing the required parts.
“The United States is committed to ensuring that no asset, no matter how complex, becomes a mechanism for the Putin regime to offset the impact of sanctions”
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