For the first time, the U.S. Treasury has targeted Russia's cryptocurrency mining industry.

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On Wednesday, the Treasury's Office of Foreign Assets Control (OFAC) added Russia-based cryptocurrency miner BitRiver as well as 10 subsidiaries to its Specially Designated Nationals list.

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“By operating vast server farms that sell virtual currency mining capacity internationally, these companies help Russia monetize its natural resources,” Under Secretary for Terrorism and Financial Intelligence Brian Nelson said in a press release shared on Wednesday.

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“Russia has a comparative advantage in crypto mining due to energy resources and a cold climate. However, mining companies rely on imported computer equipment and fiat payments, which makes them vulnerable to sanctions,” the statement continued.

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This comes just two months after BitRiver became the first Russian company with a net-zero carbon footprint.

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According to recent reports, Russia is the third-largest source of Bitcoin mining in the world, after the United States and Kazakhstan. Russian President Vladimir Putin backed crypto mining in late January, citing similar advantages shared by the Treasury.

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