The US government sanctioned a Russian Bitcoin mining company today. The Treasury Department's Office of Foreign Assets Control has placed BitRiver on its blacklist.
Several subsidiaries of BitRiver's holding company, which were based in Switzerland, were also added to the list.
It is the first time the US has sanctioned a cryptocurrency mining company. The sanctions are aimed at harming President Vladimir Putin and his allies after Russia's invasion of Ukraine.
The announcement comes a day after the International Monetary Fund said Russia could avoid economic sanctions imposed after its invasion of Ukraine by mining cryptocurrencies.
According to the IMF, Russia can use its vast energy resources to boost cryptocurrency mining and generate revenue.