In a recent joint statement, senior officials from 31 countries and the EU announced that their government would take the necessary measures to put an end to the cryptocurrency payment channels used by ransomware gangs to finance their operations.

While states will use their financial institutions and infrastructure under this action to jointly exclude ransomware activities that target the critical infrastructure of international partners, the move to disrupt the misuse of cryptocurrencies by ransomware groups includes regulatory authorities, financial intelligence units and law enforcement agencies, the regulation, surveillance, investigation and necessary steps against the exploitation of virtual assets.

The joint declaration was made by ministers and representatives of the following countries: Australia, Brazil, Bulgaria, Canada, Czech Republic, Dominican Republic, Estonia, European Union, France, Germany, India, Ireland, Israel, Italy, Japan, Kenya, Lithuania, Mexico, Netherlands, New Zealand, Nigeria, Poland, Republic of Korea, Romania, Singapore, South Africa, Sweden, Switzerland, Ukraine, United Arab Emirates, the United Kingdom, and the United States.

The Counter-Ransomware Initiative will work to dry up the financing of ransomware gangs and at the same time restrict their operations by blocking their financing channels.