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Sanctions Thwarting Down Russia's Multimillion Dollar Industry

By Dr.Dang May 16, 2022, 9:19 a.m.
Sanctions Thwarting Down Russia's Multimillion Dollar Industry

The war between Russia and Ukraine  have been a threatening factor  to the World economy.  This has caused several  officials of the country  to call for several  meetings  on how some sanctions  may be put  on Russia. Several  sanctions  have been imposed  on Russia  to avoid   the growth  of  its economy.  The bans  imposed on Russia could  hinder him from the growth  of its multibillion-dollar crypto

Sanctions Thwarting Down Russia's Multimillion Dollar Industry

This week Wednesday,  the US officials targeted  the Russian  mining firm  BitRiver.  The sanction aimed at hurting the Russian economy. The Treasury  Department’s Office was highly  concerned that Russia could monetize its natural resources with power-intensive crypto mining as a way of raising  some funds  and do away with  the bans

This week, U.S. officials targeted Russian bitcoin mining firm BitRiver in its latest round of sanctions aimed at hurting Russia’s economy. The Treasury Department’s Office aimed at putting  this sanctions  because  of fear that Russia could use these resources in raising  more funds as a way of invading  the bans imposed to them

Russia is World's Third Biggest Bitcoin Miner

According  to Cambridge University,  Russia is known to be the third  biggest Bitcoin mining hub. Currently,  the US officials have put several sanctions on Russia so that Russia could  not monetize its natural  resources. This was actually done to avoid  sanctions . Therefore,  Russian bitcoin miner BitRiver was highly targeted by the Treasury Department’s Office of Assets Control .

According  to the experts,  these sanctions  put on Russia  could  hinder the growth of the multi billion dollar crypto  sector. This will  ensure that Russia will not easily raise  fund from these mining.

“This is a powerful signal from OFAC that it will use every tool in its arsenal to prevent Russia from evading bans through crypto,” David Carlisle, vice president of policy and regulatory affairs at crypto compliance firm Elliptic, said in an emailed note.

Ideally,  the move that the US officials  have made clearly  shows  that Russia could get advantage on its natural resources to conduct  crypto mining to avoid  sanctions. This was taken  strictly since it was done by Iran and North Korea.

Therefore,  the exploitation  of the Bitcoin production  for Russia will actually remain a great key concerning International regulation  to make Russia not to avoid  bans  put to them

Russia's crypto market.

Russia is known  to be a home of the crypto  currency  market  .The Kremlin estimates that Russians own roughly 10 trillion rubles ($124 billion) worth of digital assets.The Russia accounts with over 10,000 euros in digital  currency  will be prevented  from making  deposits  and can only withdraw  funds.  This sanctions  will ensure that the crypto currency  trading  by Russia  is limited.

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