US aims to hit revenue streams of ransomware groups with sanctions

Washington, DC (CNN) The Biden administration is planning to impose new sanctions to disrupt the source of revenue of ransomware groups that have extorted major US firms of millions of dollars, a US official and a private cybersecurity expert briefed on the matter told CNN.

As soon as next week, the Treasury Department plans to slap sanctions on an entity in the cryptocurrency market, the two sources said on the condition of anonymity. Treasury’s Office of Foreign Assets Control also plans to issue updated guidance to companies on how to avoid breaking US law when making ransomware payments to cybercriminals.