White House blacklists Russian ransomware payment ‘enabler’

WASHINGTON: The Biden administration sought Tuesday to choke the finances of criminal ransomware gangs, announcing sanctions against a Russia-based virtual currency brokerage that officials say helped at least eight ransomware gangs launder virtual currency.

The Treasury Department sanctions are aimed at kneecapping the economic infrastructure of a ransomware threat that has surged over the last year, crippling corporations, schools, hospitals and critical infrastructure, including a major fuel pipeline. Ransomware payments reached more than $400 million in 2020, the costliest year on record.