financetom
Business
financetom
/
Business
/
New US sanctions target Russian bank, oligarchs along with virtual currency industry
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
New US sanctions target Russian bank, oligarchs along with virtual currency industry
Apr 20, 2022 11:45 PM

The US on Wednesday imposed sanctions 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.

Share Market Live

NSE

The US Treasury Department said it designated a virtual currency mining company for the first time, alongside more than 40 people and entities led by Russian oligarch Konstantin Malofeyev.

“Treasury can and will target those who evade, attempt to evade, or aid the evasion of US sanctions against Russia, as they are helping support Putin’s brutal war of choice,” Treasury undersecretary for terrorism and financial intelligence, Brian Nelson, said in a statement.

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

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 a data center in Siberia, and 10 of the holding company's Russia-based subsidiaries.

The Treasury also put sanctions on Russian commercial bank 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 US assets of those designated and generally bars Americans from dealing with them. But Washington issued two general licenses related to Transkapitalbank alongside the sanctions, authorising the wind-down of dealings with the bank until May 20 and certain transactions destined for or originating from Afghanistan until October 20 "in support of efforts to address the humanitarian crisis."

The US also imposed additional sanctions on Russian oligarch Malofeyev, whom US authorities have long accused of being one of the main sources of financing for Russians promoting separatism in Crimea. He was first designated under the Obama administration in 2014 when Russia annexed Crimea. Earlier this month, the US Justice Department charged Malofeyev with violating sanctions 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, degrade the Kremlin’s ability to project power and fund its invasion," Nelson said.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Williams Commissions Two Transco Pipeline Expansions
Williams Commissions Two Transco Pipeline Expansions
Apr 1, 2025
09:50 AM EDT, 04/01/2025 (MT Newswires) -- Williams (WMB) said Tuesday it commissioned two fully contracted expansions of its Transco natural gas pipeline that extends from South Texas to New York City. The Texas-to-Louisiana Energy Pathway project expands the pipeline's capacity in the two states by 364 million cubic feet per day to support energy infrastructure along the Gulf Coast,...
US Judge Rejects Another Johnson & Johnson Attempt To Use Bankruptcy For Talc Cancer Claims
US Judge Rejects Another Johnson & Johnson Attempt To Use Bankruptcy For Talc Cancer Claims
Apr 1, 2025
A U.S. bankruptcy court in Texas has rejected Johnson & Johnson’s subsidiary Red River Talc's request to approve its prepackaged bankruptcy plan. The company said the plan included one of the largest settlements in mass tort bankruptcy history and was backed by most claimants. In October 2024, the  Department of Justice’s unit argued that Johnson & Johnson’s latest bankruptcy maneuver is...
Calumet Closes Sale of Certain Royal Purple Assets for $110 Million
Calumet Closes Sale of Certain Royal Purple Assets for $110 Million
Apr 1, 2025
09:50 AM EDT, 04/01/2025 (MT Newswires) -- Calumet (CLMT) said Tuesday it has closed the sale of assets related to the industrial portion of its Royal Purple business for $110 million in cash to a unit of Lubrication Engineers, which is owned by Aurora Capital Partners. The assets are linked to Royal Purple's synthetic industrial product line, including lubricants and...
Roblox Launches Rewarded Ad Program With Alphabet's Google
Roblox Launches Rewarded Ad Program With Alphabet's Google
Apr 1, 2025
09:50 AM EDT, 04/01/2025 (MT Newswires) -- Roblox ( RBLX ) said Tuesday that it is collaborating with Alphabet's (GOOG, GOOGL) Google ( GOOG ) to sell rewarded video ads to clients. Roblox ( RBLX ) said rewarded videos allow gaming users to watch up to 30-second full-screen video ads in exchange for in-game benefits or rewards. Financial terms of...
Copyright 2023-2025 - www.financetom.com All Rights Reserved