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Author: Admin | 2025-04-27
U.S. and Canada, Yakim added.The main problem with Russia now is that no European bank will send money to a Russian company, Yakim said, even if the Russian company uses a bank not on any sanction list.“If you’re a new miner in Europe and are trying to send money to Russia for the first time, your bank would ask questions [about] why you suddenly started doing business with Russia,” she said.However, banks in Dubai and the United Arab Emirates continue to do business with their Russian counterparts, Yakim said. As for Summit, it has found a solution to send money to and from Russia through a bank outside of Europe, Yakim said, without naming the institution.Ninety percent of Summit’s clients are French, Yakim said, mining mainly bitcoin (BTC) and ether (ETH mining machines are on sale now due to Ethereum’s switch to a different consensus protocol, proof-of-stake instead of proof-of-work).Scary precedent or nothing?BitRiver was the first mining company to have the dubious honor of being listed on the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) list, and its case was different from other sanctioned crypto projects such as the over-the-counter (OTC) broker Suex, the Chatex exchange and non-custodial mixer Tornado Cash (all with Russian roots as well).BitRiver was not accused of any wrongdoing, such as money laundering; the problem was that mining companies “help Russia monetize its natural resources,” according to an OFAC press release from April.“The United States is committed to ensuring that no asset, no matter how complex, becomes a mechanism for the Putin regime to offset the impact of sanctions,” the document explained.MEATEC took the news in stride: The company’s main legal entity, MEATEC LLC, is registered in the republic of Georgia, and the firm owns two companies registered in Russia, so “there is no
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