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BitRiver: U.S. sanctions cause unfair competition

BitRiver: U.S. sanctions cause unfair competition

According to the company, it didn't provide services to Russian government institutions or work with clients sanctioned by Washington, D.C.

Inclusion of BitRiver in the U.S. sanctions list is an interference in the crypto-mining industry, unfair competition, and an attempt to change the global balance in favor of American miners, the data center operator said in a statement received by the editorial. Igor Runets, the founder and CEO of BitRiver, pointed out that the company had not provided services to Russian state institutions or worked with customers already under sanctions imposed by Washington, D.C.

"This year, Russia could take second place after the U.S. in terms of mining and other blockchain computing. The actions of the U.S. Treasury Department are driven by competitive concerns in favor of American businesses," said Runets.

He added that the mining industry is developing steadily in Russia due to its competitive advantages, becoming one of the most strategically important sectors within the digital energy transition of the country's economy.

The company's enterprises, production sites, and offices in Russia, claims BitRiver's CEO, are operating as usual. In his words, the number of employees in Russia will double during 2022 and exceed 700 people.

Recall that on April 20, the U.S. Treasury Department introduced a new package of sanctions against Russia, including 29 individuals and 40 legal entities. The Department explained that the mining companies help Russia to monetize natural resources.

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