Russia’s Bitriver Mulls To Challenge US Sanctions

Bitriver insists they aren’t helping Russia circumvent international sanctions.

Bitriver, a leading Russian mining company, is considering suing the US Treasury Department, which recently designated the Swiss-registered company and several affiliated entities in a new round of sanctions against Russian businesses and individuals. The new sanctions imposed in response to the Ukraine war specifically targeted Russia’s coin minting capacity.

Bitriver told the Russian news agency RIA Novosti that the department’s actions are harming its reputation and international business because the accusations are unfounded. The company is also convinced that the restrictions are not legal, and it intends to request that American authorities remove it from the blacklist. It also stressed:

The Russian group also accuses the Treasury of unfair competition and lobbying for the US mining industry, both of which violate World Trade Organization rules. According to Bitriver CEO Igor Runets, the department’s move is “an attempt to shift the global balance of power in favor of US companies and remove the largest Russian player from the market.”

Despite the restrictions, Bitriver claims that all of its production facilities and offices in the Russian Federation are fully operational. The company also continues to provide services to its international clients, who have confirmed their intention to continue working with the Russian bitcoin mining operator, according to the company.

Western allies have imposed a series of sanctions against Russia, limiting its access to global finance and foreign reserves. There are fears that the Russian government and citizens will use cryptocurrencies to circumvent the restrictions. Officials in Moscow have emphasized Russia’s competitive advantages in mining, citing low energy costs and a pleasant climate. In April, the parliament received a draft law designed to regulate the sector.