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.The Wall Street Journal was first to report on the impending Treasury actions.
Administration officials have lamented how multimillion-dollar payments to ransomware groups based in Eastern Europe and Russia have allowed the hackers to invest in new tools for further attacks. Read MorePresident Joe Biden in June urged Russian President Vladimir Putin to crack down on cybercriminals operating from Russia. But FBI Deputy Director Paul Abbate said this week that there was"no indication" that Putin had done so.
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