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On November 3, 2023, the U.S. Treasury Department announced that its Office of Foreign Assets Control (OFAC) had designated Russian national Ekaterina Zhdanova under Executive Order 14024. Treasury said she helped launder more than $2.3 million in suspected victim payments for a Ryuk ransomware affiliate in 2021. This was a sanctions designation based on Treasury’s stated allegations—not a criminal conviction.
What Treasury said Zhdanova did
Treasury described two strands of activity: services to people linked to ransomware, and assistance with wealth transfers for Russian clients. The dollar amounts refer to separate episodes in Treasury’s account and should not be added together or treated as court-established findings.
Suspected Ryuk victim payments
Treasury said Zhdanova provided services to individuals connected with the Russian Ryuk ransomware operation and, in 2021, laundered over $2.3 million in suspected victim payments on behalf of a Ryuk affiliate. The word “suspected” matters: the release describes Treasury’s basis for its action, not a judicial finding about the source of every payment. Treasury’s November 3, 2023 announcement does not report a criminal conviction.
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Other transfers Treasury described
- Western Europe: Treasury said that in March 2022 Zhdanova helped a Russian client obscure the source of wealth while transferring over $2.3 million into Western Europe through a fraudulently opened investment account and real-estate purchases.
- United Arab Emirates: Treasury said a Russian oligarch sought her help to move over $100 million to the UAE. The release describes the request; it does not say that this amount was successfully transferred.
In describing the methods, Treasury cited cross-border virtual-currency transfers, cash, associates and organizations, entities it said lacked anti-money-laundering and countering-the-financing-of-terrorism controls, and traditional businesses, including a luxury watch company. The release does not establish that every method was used in every transaction.
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Why virtual-currency intermediaries matter
Ransomware operators need ways to receive and move proceeds, not merely a way to demand payment. Treasury’s 2026 National Money Laundering Risk Assessment says ransomware criminals often use digital assets and related service providers to conceal and transfer proceeds that enrich them and their affiliates. That assessment describes the broader financial risk; it is not additional evidence about Zhdanova’s alleged conduct. Read Treasury’s 2026 National Money Laundering Risk Assessment.
In Zhdanova’s case, Treasury’s account links suspected ransomware proceeds with a wider set of financial services and cross-border movement. Its announcement framed the designation as part of efforts to counter illicit finance and sanctions evasion through virtual currency.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What an OFAC designation does
OFAC said property and interests in property belonging to the designated person are blocked when they are in the United States or in the possession or control of U.S. persons. Such property must be reported to OFAC. The release also explains that entities owned, directly or indirectly, individually or in aggregate, 50 percent or more by one or more blocked persons are themselves blocked.
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1Clear out junk files and repair common Windows errors2Fix the driver behind crashes, sound loss and screen glitches3Repair Windows errors before they cause bigger problemsUnless an OFAC license authorizes a transaction or an exemption applies, U.S. persons—and people conducting transactions within or transiting the United States—generally may not deal in blocked property. These are sanctions restrictions, not a substitute for criminal proceedings. Treasury’s 2023 release establishes that OFAC designated Zhdanova on that date; it does not establish her current status on the live sanctions list.
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How to read the announcement
- It is an administrative sanctions action: OFAC designated Zhdanova under E.O. 14024, citing activity in the Russian Federation’s financial services sector.
- It is not a conviction: Treasury’s allegations and stated designation basis should not be described as a court judgment.
- The figures describe distinct episodes: the two amounts exceeding $2.3 million concern, respectively, suspected Ryuk-related victim payments in 2021 and a Russian client’s March 2022 transfer into Western Europe; the over-$100-million figure concerns an oligarch’s request for help moving funds to the UAE.
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