The latest U.S. sanctions against Russia target a digital currency company, a bank and another oligarch

US President Joe Biden, with Treasury Secretary Janet Yellen (L) and Defense Secretary Lloyd Austin (R), speaks during a meeting with his cabinet at the White House in Washington, DC, on March 3, 2022.

The U.S. Treasury Department added businesses and individuals that are helping Russia to its sanctions list.

The department is targeting Russian commercial bank Transkapitalbank, as well as a network of more than 40 people it believes are helping the Kremlin skirt a wave of economic punishments.

The Biden administration said it was cracking down on companies that operate in Russia's virtual currency mining industry, which helps the country monetize its exports and other natural resources.

Under Secretary for Terrorism and Financial can and will target those who attempt to evade or aid the evasion of U.S. sanctions against Russia.

The United States will work to ensure that the sanctions we have imposed are used to degrade the Kremlin's ability to project power and fund its invasion.

Transkapitalbank, a privately owned bank in Russia, has offered to help Moscow avoid detection and sanctions-derived restrictions through a proprietary internet-based banking system.

Treasury officials said that the system is an alternative communication channel to the Society for Worldwide Interbank Financial Telecommunication network and is used for the purpose of processing U.S. dollar payments for sanctioned clients.