The US Treasury has warned that Russia may be attempting to avoid sanctions placed on them by western countries by utilizing ransomware payments. The Financial Crimes Enforcement Network stated that an alert has been sent for financial institutions to prevent Russia from evading the restrictions placed on them by the US.

FinCen’s acting director warned that Russia could attempt to avoid sanctions by utilizing cryptocurrency and stressed the importance of prompt reporting of suspicious activity. FinCEN also warned that unsanctioned banks and financial institutions in Belarus and Russia may still have access to international financial markets. Coinbase, a cryptocurrency exchange did announce that they will honor the sanctions placed on Russia on their site.

Read more: Russia may try to dodge sanctions using ransomware payments, warns US Treasury