U.S. sanctions individuals, entities helping Russia blunt effects of economic penalties
During a meeting between his cabinet and the US President Joe Biden on March 3, 2022, Treasury Secretary Janet Yellen is (L) with Defense Secretary Lloyd Austin (R)
AFP – Getty Images| AFP | Getty Images
Wednesday was a day that the U.S. Treasury Department expanded its broad range of sanctions in order to cover individuals and businesses who are helping Russia mitigate the effects of economic penalties that were imposed upon Moscow.
Officials from Treasury said that the department was now targeting Russian bank Transkapitalbank and more than 40 others, including Konstantin Malofeyev, which they believe are aiding Russia to avoid economic penalties.
Biden’s administration said that it is cracking down against companies in Russia’s virtual currency mine industry. This includes Bitriver. These firms help Russia monetize exports.
According to Brian Nelson, the Under Secretary of Terrorism and Financial Intelligence Brian Nelson stated in a press statement that “Treasury has and will target anyone who attempts, evades, or assists the evasion U.S. sanction against Russia.”
He said that “the United States would work with international partners to ensure the Kremlin is unable to project its power or fund its invasion through the sanctions it has imposed.”