Security News > 2022 > March > Russia may try to dodge sanctions using ransomware payments, warns US Treasury

Russia may try to dodge sanctions using ransomware payments, warns US Treasury.

As the United States and its companies distance themselves from Russia in the wake of its invasion of Ukraine, the Treasury says Russia may be attempting to avoid the sanctions by utilizing ransomware payments to do so.

"In the face of mounting economic pressure on Russia, it is vitally important for U.S. financial institutions to be vigilant about potential Russian sanctions evasion, including by both state actors and oligarchs," said Him Das, FinCEN's acting director.

"Although we have not seen widespread evasion of our sanctions using methods such as cryptocurrency, prompt reporting of suspicious activity contributes to our national security and our efforts to support Ukraine and its people."

One cryptocurrency exchange, Coinbase, has already announced they will be honoring the sanctions placed on Russia by blocking sanctioned actors, being on the lookout for attempts at evasion of restrictions and attempting to anticipate threats coming from Russia or Belarus.

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News URL

https://www.techrepublic.com/article/russia-may-try-to-dodge-sanctions-using-ransomware-payments-warns-us-treasury/