US Imposes Additional Sanctions on Russian Private Banks and Cryptocurrency Mining Companies

[Asia Economy New York=Special Correspondent Joselgina] The U.S. administration under Joe Biden announced additional sanctions against Russian banks and cryptocurrency mining companies.

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) announced on the 20th (local time) that it is adding the Russian private bank Transcapitalbank, Russian tycoon Konstantin Malofeyev and his family along with about 40 related individuals and affiliated companies to the sanctions list.

The Treasury explained that these institutions and individuals were involved in evading sanctions imposed by the West following Russia's invasion of Ukraine.

This is the first time that a cryptocurrency mining company has been included in the sanctions list since Russia's invasion of Ukraine. According to the Treasury, Russia's cryptocurrency market is the third largest in the world.

The U.S. Department of State also announced visa restrictions on 635 Russian nationals suspected of involvement in the invasion of Ukraine and human rights violations.

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